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The mean of the sample is called a point estimator. It provides a single point or value as an est of the pop parameter.
is a statistic that has a sampling distribution with a mean exactly equal to the pop parameter being used.
is a range of values constructed to have specific probability of including the pop parameter, the mean.
The greater the confidence level (1-alpha) , the greater the probability that the interval will actually include (mue)
95% Confidence level-
- 1. alpha - .05 - cv= 1.96 nondirectional
- 2. better level due to the width of the interval being.
- 3. .05 the the interval will miss the mue
99% Confidence level-
- 1. alpha - .01 - cv= 2.58
- 2. less precise due to the large width of the interval.
- 3. .01 will miss the inteval.
Size of St. Error of the Mean.
- 1. as the st. error decre, so does the width of the confidence interval.
- 2. Incre in n results in more information confidence interval.
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