Lecture 13 Flashcards
1
Q
What is a confidence interval?
A
A confidence interval is a range of values, derived from a sample, that is likely to contain the population parameter.
2
Q
What is the generic formula for calculating a confidence interval?
A
The generic formula is:
SampleMean±(CriticalValue×StandardError).
3
Q
What is a correct interpretation of a 95% confidence interval?
A
A correct interpretation is that we are 95% confident that the true population parameter lies within the interval.
4
Q
What is an incorrect interpretation of a 95% confidence interval?
A
An incorrect interpretation is that there is a 95% probability that the population parameter lies within the interval.
