GGR270H1 Final: Week 8 Study Notes
Document Summary
Ggr 270 lecture 8 november 3, 2010-12-13. X is the best point estimate of . Place interval around the sample mean ( x) and state with a measurable level of confidence, the t rue population mean ( ) lies within this interval. = the probability that the interval surrounding the mean ( x) does not contain the true population mean ( ) Total amount of information is due to: sampling design used, sample size (n) have to consider the relationship between the width of the interval and the level of confidence. only way to increase confidence without increasing the width is to increase sample size. Taking a sample larger than necessary wastes time and effort: factors to consider are: degree of precision (width of confidence interval) Level of confidence: at a particular confidence level, increasing the sample size provides greater precision, and narrows the confidence interval. Determining correct sample size for given level of confidence.
