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A point estimate of a parameter is the value of a statistic that estimates the value of the parameter.
A confidence interval estimate of a parameter consists of an interval of numbers along with a probability that the interval contains the unknown parameter.
The level of confidence in a confidence interval is a probability that represents the percentage of intervals that will contain if a large number of repeated samples are obtained.
For example, a 95% level of confidence would mean that if 100 confidence intervals were constructed, each based on a different sample from the same population, we would expect 95 of the intervals to contain the population mean.
The construction of a confidence interval for the population mean depends upon three factors The point estimate of the population The level of confidence The standard deviation of the sample mean
Suppose we obtain a simple random sample from a population. Provided that the population is normally distributed or the sample size is large, the distribution of the sample mean will be normal with
X t n 1
s n
p(1 p) pZ n
P is sample proportion
5. The area in the tails of the t distribution is a little greater than the area in the tails of the standard normal distribution. This result is because we are using s as an estimate of which introduces more variability to the t statistic.
Find the t-value such that the area under the t distribution to the right of the t-value is 0.2 assuming 10 degrees of freedom. That is, find t0.20 with 10 degrees of freedom.
, n