Textbook Guide Statistical Sciences: Point Estimation, Statistical Parameter, Statistic
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STA130H1 Full Course Notes
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An interval estimate is the range of values within which a researcher or an employee can say with some confidence that the population parameter falls. Logic in constructing confidence intervals about population mean where the population standard deviation is known. We can make two types of estimated about the population. They are referred to as point estimates and interval estimates. A point estimate is the sample statistic that is used to estimate the population parameter. We use the concept or probability in order to define some certainty. We can assign some probability that the population mean is located within the confidence interval. Here we need to understand the meaning of (1 - ), we have seen that (cid:2870) is interval. In both the tails, this area will be (cid:2870) + (cid:2870) = The total area 1 under the normal curve includes 0. 5 of the area between.
