Basic Statistics 7 Probability and Confidence Intervals
[Pages:22]Basic Statistics
Probability and Confidence Intervals
Probability and Confidence Intervals Learning Intentions
Today we will understand:
Interpreting the meaning of a confidence interval
Calculating the confidence interval for the mean with large and small samples
Probability and Confidence Intervals
An important role of statistics is to use information gathered from a sample to make statements about the population from which it was chosen
Using samples as an estimate of the population
How good of an estimate is that sample providing us with?
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Estimators of a Population
A Point estimate is a single value that best describes the population of interest
Sample mean is the most common point estimate An Interval estimate provides a range of values that best
describes the population
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Point Estimate
Single value that best describes the population of interest Sample mean is most common point estimate Easy to calculate and easy to understand Gives no indication of how accurate the estimation really is
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Interval Estimate
To deal with uncertainty, we can use an interval estimate Provides a range of values that best describe the population To develop an interval estimate we need to learn about
confidence levels
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Confidence Levels
A confidence level is the probability that the interval estimate will include the population parameter (such as the mean)
A parameter is a numerical description of a characteristic of the population
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*Remember - Standard Normal Distribution
Normal distribution with ? = 0 and SD = 1
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