This document defines parameter estimation as making inferences about a population based on a sample. It discusses point estimates, which are sample means that estimate population parameters, and interval estimates, which provide a range of values that may contain the estimated parameter. It then provides examples of calculating confidence intervals for differences between two population means and determining a 99% confidence interval for the leanness of a new pack of beef based on sample data.
This document defines parameter estimation as making inferences about a population based on a sample. It discusses point estimates, which are sample means that estimate population parameters, and interval estimates, which provide a range of values that may contain the estimated parameter. It then provides examples of calculating confidence intervals for differences between two population means and determining a 99% confidence interval for the leanness of a new pack of beef based on sample data.
This document defines parameter estimation as making inferences about a population based on a sample. It discusses point estimates, which are sample means that estimate population parameters, and interval estimates, which provide a range of values that may contain the estimated parameter. It then provides examples of calculating confidence intervals for differences between two population means and determining a 99% confidence interval for the leanness of a new pack of beef based on sample data.
This document defines parameter estimation as making inferences about a population based on a sample. It discusses point estimates, which are sample means that estimate population parameters, and interval estimates, which provide a range of values that may contain the estimated parameter. It then provides examples of calculating confidence intervals for differences between two population means and determining a 99% confidence interval for the leanness of a new pack of beef based on sample data.
DEFINITION: ESTIMATION – the process of making inferences about a population based on information obtained from the sample
POINT ESTIMATE – the sample mean of the population or mean µ. It is the
numerical value which gives an estimate of a parameter. INTERVAL ESTIMATE – a range of values used to estimate the parameter. It can be calculated using two numbers or values which may or may not contain the value of the parameter being estimated. CONFIDENCE INTERVAL FOR THE DIFFERENCE BET. 2 POPULATION MEANS EXAMPLE 2 What is the percentage distribution of the 13.6 million peso average manufacturing profit of the 25 products of a certain company with a standard deviation of 1.56 million pesos, if the average manufacturing profit of all the company’s product is 12.9 million pesos? Assume that the data follow a t- distribution. EXAMPLE # 3 A meat inspector has randomly selected 30 packs of 95% lean beef. The sample resulted in a mean of 96.2% with a standard deviation of 0.8%. Find a 99% interval for the leanness of a new pack.