1 / 12

ESTIMATION OF THE MEAN

ESTIMATION OF THE MEAN. INTRO :: ESTIMATION. Definition The assignment of plausible value(s) to a population parameter based on a value of a sample statistic is called estimation. INTRO :: ESTIMATION. The sample statistic used to estimate a population parameter is called estimator .

allegra-alston
Download Presentation

ESTIMATION OF THE MEAN

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ESTIMATION OF THE MEAN

  2. INTRO :: ESTIMATION • Definition • The assignment of plausible value(s) to a population parameter based on a value of a sample statistic is called estimation.

  3. INTRO :: ESTIMATION • The sample statistic used to estimate a population parameter is called estimator. • Examples … • sample mean estimator population mean • …

  4. INTRO :: ESTIMATION The estimation procedure involves … • Select a sample. • Collect the required information from the members of the sample. • Calculate the value of the sample statistic. • Assign plausible value(s) to the corresponding population parameter.

  5. POINT ESTIMATES & INTERVAL ESTIMATES • A Point Estimate • An Interval Estimate

  6. A Point Estimate • Definition • The value of a sample statistic that is used to estimate a population parameter is called a point estimate.

  7. INTERVAL ESTIMATES • Usually, whenever we use point estimation, we calculate the margin of error associated with that point estimation. Point Estimate w/out M.E. not very useful!!!!

  8. Interval Estimates • Definition • In interval estimation, an interval is constructed around the point estimate, and it is stated that this interval is likely to contain the corresponding population parameter. Gives a range of plausible values for the parameter of interest.

  9. Interval estimation. $1130 $1610

  10. Interval Estimates • Definition • Each interval is constructed with regard to a given confidence level and is called a confidence interval. The confidence level associated with a confidence interval states how much confidence we have that this interval contains the true population parameter. The confidence level is denoted by (1 – α)100%.

  11. INTERVAL ESTIMATION OF A POPULATION MEAN: • Confidence Interval for μ w/ Large Sample • The (1 – α)100% confidence interval for μ is • The value of z used here is read from the standard normal distribution table for the given confidence level.

  12. Finding z for a 95% confidence level. Total shaded area is .9500 or 95% μ x -1.96 0 1.96 z

More Related