BUSI 1450U Chapter Notes - Chapter 10: Central Limit Theorem, Confidence Interval, Interval Estimation
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For example, election polls, game results: point estimates a single value to approximate the value of a parameter such as a mean median, variance or proportion. The probabilities are based on the expected sampling distribution of the studied population: confidence limits the lower and upper boundaries of the interval estimate. Desirable properties of estimators: estimator a measured or calculated value based on a sample, used to estimate a population parameter. Confidence interval for population mean population sd is known: assumes that the sampling distribution of the sample mean is normally distributed. Minitab: find critical values (+/- z /2: calc / probability distributions / normal, select inverse cumulative probability, ok. Input mean = 0 and sd = 1. Or select summarized data, when you do not have a data set and want to manually input sample size and sample mean. Input the sd: select options / specify the confidence level, ok.
