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?mathematics?Hands on Determination of Confidence Interval of a population Mean - Term Paper Example
We use a sample data; the main difference between a population and sample has to do with how observations are assigned to the data set.
The sample mean, denoted , is calculated with the formula
Standard deviation, , measures the amount of variation or dispersion from the average. A low standard deviation indicates that the data points tend to be very close to the mean (also called expected value); a high standard deviation indicates that the data points are spread out over a large range of values.
A confidence interval gives an estimated range of values which is likely to include an unknown population parameter, the estimated range being calculated from a given set of sample data. The width of the confidence interval gives us some idea about how uncertain we are about the unknown parameter (see precision). A very wide interval may indicate that more data should be collected before anything very definite can be said about the ...