EAB - Estimation And Significance Tests And P-Values Flashcards
what is a pro of using a sample?
Can use a sample to obtain a confidence interval
what is a con of using a sample
Cannot deduce exact population value from a sample
what is a confidence interval
Range within which population value is likely to be
what is sampling error
when different samples give different estimates
what is sampling distribution
Sample estimates (e.g.: means),calculated from multiple samples from the same population, will then have a distribution of differing values that is known as the ‘sampling distribution’.
Which sample mean gives the most precise estimate of population mean?
A: Random sample of 50 men, standard deviation 10
B: Random sample of 1000 men, standard deviation 10
B
THE MORE DATA = MORE PRECISE THE ESTIMATE
Which sample mean gives the most precise
estimate of population mean?
A: Random sample of 200 men, standard deviation 20
B: Random sample of 200 men, standard deviation 5
B
LOWER STANDARD DEVIATION = MORE PRECISE ESTIMATE
What is standard error?
A standard error (SE) is an indication of the extent of the sampling error
How can Standard Error be calculated
standard deviation divided by the square root of the sample size
SE= SD /sqrt𝑁
what does standard error tell us
Standard error tells us how much a sample mean tends to vary from the population mean (true mean).
It provides an estimate of the precision of the sample mean.
what does a smaller SE mean
what does a larger SE mean
What range can the true population estimate be expected to lie in?
- True (population) estimate can be expected to lie in the range:
- sample mean – 1.96 standard errors to
- sample mean + 1.96 standard errors in 95% of calculations
What are the 4 assumptions in calculating confidence interval?
- Normal data or large sample
- The sample is chosen at random from the population
- The observations are independent of each other
- The sample is not small (at least 60)