QMB-210 Lecture Notes - Lecture 20: Interval Estimation, Point Estimation, Confidence Interval

• School: University of Tampa
• Department: Quantitative Methods in Business
• Course: QMB-210
• Professor: Shaista Nisar

Document Summary

Formulas for the confidence interval for the mean ( known): If we are using a 90% certainty rate, alpha would be 5: 0. 05 = 1- 0. 95, 0. 10 = 1- 0. 90, 0. 01 = 1- 0. 99, you divide alpha by two to get the lower and upper tails. ****exam on exam she will only give us 90, 95, and 99 level of confidence. Example: an airline wants to estimate the number of tickets sold for a daily flight between. Suppose a sample of 35 flights gives a sample mean of 145. 5 (assume that. Calculate a 90% confidence interval for the population mean: find the standard error of the mean: 137. 10: based on our sample mean of 145. 5, we are 90% confident that the population mean number of tickets sold is between 137. 10 and 153. 90. Example: a manager wants to know the average time it takes to complete the required forms to hire a new worker.