MIS171 Lecture Notes - Lecture 8: Point Estimation, Interval Estimation, Sampling Distribution
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Sample means for productivity: males, females xm = 99. 9% xf = 97. 5% What is the mean (average) productivity: for all males, for all females. We want to find the average of the whole population from a sample. Point estimation: x = point estimator for the population mean , s = point estimator of population standard deviation, p = point estimator of the population proportion p. We should not use the value of x by itself as an estimate of because: it is almost certain to be wrong: a(cid:374)d (cid:449)e do(cid:374)"t k(cid:374)o(cid:449) ho(cid:449) (cid:449)ro(cid:374)g. A point estimator does not provide information about how closer the estimate is the population parameter. We would have no confidence in using it. An interval estimate is constructed by subtracting and adding the margin of error (me), to a point estimate. An interval estimate of the population mean is: Finding the confidence interval: for ( known) The general form of our confidence would be:
