MGSC 2301 Chapter Notes - Chapter 8: Simple Random Sample, Interval Estimation, Confidence Interval

• School: Northeastern University
• Department: Management Science
• Course: MGSC 2301
• Professor: paulmccleary

Document Summary

N x = value s = population standard deviation: compute upper tail area, compute degrees of freedom: n - 1 x = value. Sample size n = z2 2 e2 n = sample size. P = sample proportion e = desired margin of error. N n = sample size z = z score. Interval estimate: an estimate of a population parameter that provides an interval believed to contain the value of the parameter. For the interval estimates in this chapter, it has the form: point estimate _ margin of error. Margin of error: the _ value added to and subtracted from a point estimate in order to develop an interval estimate of a population parameter. Known: the case when historical data or other information provides a good value for the population standard deviation prior to taking a sample. The interval estimation procedure uses this known value of in computing the margin of error.