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Business Stats ch 9
Basic Statistics for Business and Economics ch 9
| Question | Answer |
|---|---|
| Point Estimate | The statistic, computed from sample information, which is used to estimate the population parameter. |
| Confidence Interval | A range of values constructed sample data so that the population parameter is likely to occur within that range at a specified probability. The specified probability is called the level of confidence. |
| Level of Confidence | Specified Probability |
| Standard Error | The standard deviation of the sampling distribution of the sample mean. |
| 95 Percent Confidence Interval | z = 1.96 |
| 99 Percent Confidence Interval | z = 2.58 |
| The factors that determine width of a confidence interval are: | The sample size, n. The variability in the population sigma, usually estimated by s. The desired level of confidence. |
| What are the characteristics of the t distribution? | It is a continuous distribution. It is bell-shaped and symmetrical. There is a family of t distributions where the mean is 0 and the standard deviations differ according to the sample size. It is more spread out and flatter than the z distribution. |
| Use a Z distribution if: | The population standard deviation is known or the sample size is at least 30. |
| Use a t distribution if: | The population standard deviation is unknown or the sample size is less than 30. |
| Proportion | The fraction, ratio, or percent indicating the part of the sample of the population having a particular trait of interest. |
| Sample Proportion (p) = | X / n |
| Finite-Population Correction Factor (FPC) | For a finite population, where the total number of objects is N and the size of the sample is n, the adjustment is made to the standard errors of the sample means and the proportion. If n/N is less than .05, then the FPC can be ignored. |
| Finite | A population that has a fixed upper bound. |
| Selecting a sample size (n)depends on these factors: | The level of confidence desired. The margin of error the researcher will tolerate. The variability in the population being studied. |
| The Maximum Allowable Error, (E) | The amount that is added and subtracted to the sample mean (or sample proportion) to determine the endpoints of the confidence interval. |
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dengler
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