BUEC 232 Lecture Notes - Lecture 8: Non-Sampling Error, Grape, Confidence Interval
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Point and interval estimates: a point estimate is a single number, a confidence interval provides additional information about variability. Where: point estimate is the sample statistic estimating the population parameter of interest (ex. X: critical value is a table value based on the sampling distribution of the point estimate and the desired confidence level (ex. Z value: standard error is the standard deviation of the point estimate (ex. Interpretation: 95% of the confidence intervals that can be constructed from all possible samples of chosen size (n) will contain the unknown true parameter. Confidence interval for ( known): assumptions, population standard deviation is known, population is normally distributed, or, if population is not normal, use large sample. (n>30, confidence interval estimate: X is the point estimate: z is the normal distribution critical value for a n probability of /2 in each tail is the standard error. If the population standard deviation is unknown, we can substitute the sample standard deviation, s.