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QMS 202 (10)
Chapter 10

Chapter 10 Confidence interval estimation part 2.docx

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Ryerson University
Quantitative Methods
QMS 202
Boza Tasic

10.3 Confidence interval estimation for the proportion • Estimating the proportion of items in a population having a certain characteristics of interest. • The unknown population proportion is represented by π. The point estimate for π is the sample proportion p=X/n, where n is the sample size and X is the number of items in the sample having the characteristics of interest. • You can use the confidence interval estimate of the proportion defined in equation to estimate the proportion of sales invoices that contains errors. • Equation contains a Z statistic because you can use the normal distribution to approximate the binomial distribution when the sample size is sufficiently large. 10.4 Determining sample size Sample size determination of the mean: • To compute the sample size, you must know three factors: 1) The desired confidence level, which determines the value of Z, the critical value from the standardize normal distribution 2) The acceptable sampling error 3) The standard deviatio
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