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Chapter 7 Outline Objectives Find the confidence interval for the mean when s is known or n gt 30 Determine the minimum sample size for finding a confidence interval for the mean Find the confidence interval for the mean when s is unknown and n lt 30 Objectives contd Find the confidence interval for a proportion Determine the minimum sample size for finding a confidence interval for a proportion Find a confidence interval for a variance and a standard deviation Introduction Estimation is the process of estimating the value of a parameter from information obtained from a sample Three Properties of a Good Estimator The estimator should be an unbiased estimator That is the expected value or the mean of the estimates obtained from samples of a given size is equal to the parameter being estimated The estimator should be consistent For a consistent estimator as sample size increases the value of the estimator approaches the value of the parameter estimated The estimator should be a relatively efficient estimator that is of all the statistics that can be used to estimate a parameter the relatively efficient estimator has the smallest variance Point and Interval Estimates A point estimate is a specific numerical value of a parameter The best point estimate of the population mean m is the sample mean Confidence Level and Confidence Interval The confidence level of an interval estimate of a parameter is the probability that the interval estimate will contain the parameter A confidence interval is a specific interval estimate of a parameter determined by using data obtained from a sample and by using the specific confidence level of the estimate Formula Formula for the Confidence Interval of the Mean for a Specific a For a 95 confidence interval and for a 99 confidence interval Maximum Error of Estimate The maximum
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