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6. Confidence interval.ppt

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COMPLETE BUSINESS STATISTICS 6        6-1 5th edi tion Confidence Intervals Using Statistics Confidence Interval for the Population Mean When the Population Standard Deviation is Known Confidence Intervals for  When  is Unknown - The t Distribution Large-Sample Confidence Intervals for the Population Proportion p Confidence Intervals for the Population Variance Sample Size Determination Summary and Review of Terms McGraw-Hill/Irwin Aczel/Sounderpandian © The McGraw-Hill Comp
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  COMPLETE 5 t h e d i t i o n BUSINESS STATISTICS Aczel/Sounderpandian  McGraw-Hill/Irwin ©  The McGraw-Hill Companies, Inc., 2002 6-1  Using Statistics  Confidence Interval for the Population Mean When the Population Standard Deviation is Known  Confidence Intervals for   When   is Unknown - The t   Distribution  Large-Sample Confidence Intervals for the Population Proportion p  Confidence Intervals for the Population Variance  Sample Size Determination  Summary and Review of Terms Confidence Intervals   6  COMPLETE 5 t h e d i t i o n BUSINESS STATISTICS Aczel/Sounderpandian  McGraw-Hill/Irwin ©  The McGraw-Hill Companies, Inc., 2002 6-2 ã Consider the following statements:  x = 550 ã A single-valued estimate that conveys little information about the actual value of the population mean.  We are 99% confident that   is in the interval [449,551] ã An interval estimate which locates the population mean within a narrow interval, with a high level of confidence.  We are 90% confident that   is in the interval [400,700] ã An interval estimate which locates the population mean within a broader interval, with a lower level of confidence. 6-1 Introduction  COMPLETE 5 t h e d i t i o n BUSINESS STATISTICS Aczel/Sounderpandian  McGraw-Hill/Irwin ©  The McGraw-Hill Companies, Inc., 2002 6-3 ã Point Estimate  A single-valued estimate.  A single element chosen from a sampling distribution.  Conveys little information about the actual value of the  population parameter, about the accuracy of the estimate . ã Confidence Interval or Interval Estimate  An interval or range of values believed to include the unknown population parameter.  Associated with the interval is a measure of the  confidence    we have that the interval does indeed contain the parameter of interest. Types of Estimators  COMPLETE 5 t h e d i t i o n BUSINESS STATISTICS Aczel/Sounderpandian  McGraw-Hill/Irwin ©  The McGraw-Hill Companies, Inc., 2002 6-4 A confidence interval or    interval estimate    is a range or interval of numbers believed to include an unknown population parameter. Associated with the interval is a measure of the confidence   we have that the interval does indeed contain the parameter of interest. ã A confidence interval or interval estimate has two components:  A range or interval of values  An associated level of confidence  Confidence Interval or Interval Estimate
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