01:960:285 Lecture Notes - Lecture 20: Statistic, Interval Estimation, Point Estimation

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01:960:285 Full Course Notes
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01:960:285 Full Course Notes
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The sample size determination formulas come from the formulas for the maximum error of the estimates. The formula is solved for n. be sure to round the answer obtained up to the next whole number, not off to the nearest whole number. If you round off, then you will exceed your maximum error of the estimate in some cases. By rounding up, you will have a smaller maximum error of the estimate than allowed, but this is better than having a larger one than desired. Here is the formula for the sample size which is obtained by solving the maximum error of the estimate formula for the population mean for n. An interval estimate with a specific level of confidence. The percent of the time the true mean will lie in the interval estimate given. An estimator which gets closer to the value of the parameter as the sample size increases.

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