Confidence Interval

Question 1

what is Statistical inference

Answer 1

is the process of sampling a data set from a population and then drawing a conclusion about the population.

Question 2

What is a Point Estimation

Answer 2

A point estimate consists of a single sample statistic as an estimate of the true value of a population parameter

For example, the sample mean 􏰖X is a point estimate of the population mean.

Question 3

An interval estimate

Answer 3

makes allowance for error (e.g. measured in terms of the standard error) on either side of the point estimate.
 Known as a Confidence Interval

The width of the interval indicates the precision

Question 4

Confidence Level

Answer 4

The probability that an interval contains the true parameter un repeated sampling

Question 5

What do you use if the the population mean μ and standard deviation σ are both unknown

Answer 5

Replacing σ with the sample standard deviation

t distribution