Premium Essay

Week 4 Discussion - Confidence Interval

In: Other Topics

Submitted By Asha84
Words 372
Pages 2
A point estimation is a sample statistic that gives a good guess about a population parameter. In the same way, a point estimate of the mean overpayment is simply a good guess about what the average overpayment for the population is. Investigating all 1,000 claims and obtaining the overpayment amount for each would either be impractical, unfeasible or both. Thus, the auditor deems a sample size of 50 claims to be adequate and sufficiently representative of the entire population. The mean overpayment amount of this sample is then calculated in order to obtain a point estimate of the mean overpayment. The estimated mean is then extrapolated to the overpayment amount to the population of all 1,000 claims.

http://pages.wustl.edu/montgomery/lecture-7

Point Estimate vs. Interval Estimate
To estimate population parameters, statisticians use sample statistics. For example, we use sample means to estimate population means and we use sample proportions to estimate population proportions.
An estimate of a population parameter can be expressed in one of two ways: * Point estimate. A point estimate of a population parameter is a single value of a statistic. For example, the sample mean x is a point estimate of the population mean μ. In the same way, a sample proportion p is a point estimate of the population proportion P. * Interval estimate. An interval estimate is defined by two numbers, and the population parameter is said to lie between those two numbers. For example, a < x < b represents an interval estimate of the population mean μ. It expresses that the population mean is greater than a but less than b.
Confidence Intervals
To express the precision and uncertainty that are associated with a particular sampling method statisticians use a confidence interval. A confidence interval consists of three parts: * A confidence level. * A

Similar Documents

Premium Essay

Mat 300 Complete Course Mat300 Complete Course

...MAT 300 Complete Course MAT300 Complete Course Click Link for the Answer: http://workbank247.com/q/mat-300-complete-course-mat300-complete-course/25230 http://workbank247.com/q/mat-300-complete-course-mat300-complete-course/25230 MAT 300 Week 1 Discussion "Statistics are Everywhere" From the e-Activity, summarize the blog entry that you have read. Next, explain the manner in which Nate Silver’s analysis in your chosen blog entry addresses the salient points of one particular topic related to this class. * H.G. Wells once said “Statistical thinking will one day be as necessary for efficient citizenship as the ability to read and write!” Take a position on whether you agree or disagree with this statement, and provide a rationale for your response. MAT 300 Week 2 Discussion "Graphical Representations of Data" Please respond to the following: * From the e-Activity, discuss the data that the graph is used to visually represent. Speculate on why the editor chose the graph, as opposed to merely reporting the data.   MAT 300 Week 3 Discussion "Data Description" See the e-Activity for the data for this discussion * Note, the data in the e-Activity is presented to you in two ways, but it is the same data.  The first set of data is median home value by state, unranked.  The second set of data is median home value by rank. * Use the step by step guide, also found in the e-Activity, to calculate the mean, median, variance and standard deviation for all 50 states plus...

Words: 1911 - Pages: 8

Premium Essay

Acid Base Titrations

...| |UNIVERSITI TUNKU ABDUL RAHMAN (UTAR) | | | | | |FACULTY OF BUSINESS AND FINANCE (FBF) | Teaching Plan | |Unit Code & |UBEQ1123 QUANTITATIVE TECHNIQUES II | | |Unit Title: | | | |Course of Study: |Bachelor of Commerce (Hons) Accounting | | | |Bachelor of Business Administration (Hons) | | | |Bachelor of Business Administration (Hons) Banking and Finance | | | |Bachelor of Business Administration (Hons) Entrepreneurship ...

Words: 1685 - Pages: 7

Free Essay

Imagine You Are a Manager at a Major Bottling Company. Customers Have Begun to Complain That the Bottles of the Brand of Soda Produced in Your Company Contain Less Than the Advertised Sixteen (16) Ounces of Product.

...manner. All students will start the term by taking a comprehensive ALEKS assessment to identify where they need to focus their efforts. As you master each assigned topic, your progress will be plotted on a pie chart. Your goal will be to fill in the entire pie. Forty (40) percent of your final grade will be based on how much of the pie you fill in. Weekly Lab Requirement. Students are expected to spend at least five (5) hours per week working with ALEKS. The instructor will be able to see how much time you’ve spent in ALEKS and what topics you’ve worked on. Weekly ALEKS time will count toward 10% of your final grade. If you work in ALEKS for five (5) or more hours, you will earn ten (10) points. If you spend less time working in ALEKS, you’ll receive partial credit in direct proportion to the time you spend, at 2.0 points per hour. Please note that five (5) hours is the minimum requirement each week. Generally, the more time you can spend working on the pie, the more you will progress. We recommend that students spend at least six (6) hours each week in ALEKS. If you fill in the ALEKS pie...

Words: 3090 - Pages: 13

Premium Essay

Mat300 Guideline

... normal distributions, and sampling techniques. The application of these principles to simple hypothesis testing methods and to confidence intervals is also covered. The application of these topics in solving problems encountered in personal and professional settings is also discussed. INSTRUCTIONAL MATERIALS Required Resources ALEKS Access Code (bundled with course text when purchased from the Strayer Bookstore) Bluman, A. G. (2013). Elementary statistics: a brief version (6th ed.). New York, NY: McGraw-Hill. Note: Course materials for this class must be purchased from the Strayer Bookstore at http://www.strayerbookstore.com Supplemental Resources Hand, D. J. (2008). Statistics: a very short introduction. Oxford, UK: Oxford University Press. Rumsey, D. (2011). Statistics for dummies (2nd ed.). Hoboken, NJ: Wiley Publishing. Standard Normal Distribution Table. (2012). Retrieved from http://www.mathsisfun.com/data/standard-normal-distribution-table.html Statistics Calculator Free App for your Smartphone, created by Christian Gollner. Retrieved from https://play.google.com/store/apps/details?id=com.cgollner&hl=en COURSE LEARNING OUTCOMES 1. Describe the differences between the various types of data. 2. Apply various descriptive graphical techniques. 3. Calculate measurements of central tendency and dispersal. 4. Solve problems using probability, conditional probability, and counting principles. 5. Solve problems using discrete probability...

Words: 1531 - Pages: 7

Premium Essay

Qnt561 Syllabus

...Course Description This course prepares students to apply statistics and probability concepts to business decisions. Students learn important criterion for developing effective research questions, including the creation of appropriate sampling populations and instruments. Other topics include descriptive statistics, probability concepts, confidence intervals, sampling designs, data collection, and data analysis – including parametric and nonparametric tests of hypothesis and regression analysis. Cooper, D.R., & Schindler, P.S. (2006). Business research methods (9th ed.). Boston, MA: McGraw-Hill/Irwin. Lind, D. A., Marchal, W. G., & Wathen, S. A. (2008). Statistical techniques in business and economics (13th ed.). Boston, MA: McGraw-Hill/Irwin. All electronic materials are available on the student website. |Week One: Descriptive Statistics and Probability Distributions | | |Details |Due |Points | |Objectives |Compute descriptive statistics for given data sets. | | | | |Apply probability concepts related to discrete and continuous probability. | | | |Readings ...

Words: 2342 - Pages: 10

Premium Essay

Qnt561 Course Design

...Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. Course Description This course prepares graduate students to apply statistics and probability concepts to business decisions in organizations that focus on process improvement. Students learn criteria for developing effective research questions, including the creation of appropriate sampling populations and instruments. Other topics include descriptive statistics, probability concepts, confidence intervals, sampling designs, data collection, and data analysis—including parametric and nonparametric tests of hypothesis and regression analysis. Policies Students/learners will be held responsible for understanding and adhering to all policies contained within the following document: University policies: You must be logged into the student website to view this document. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read...

Words: 2122 - Pages: 9

Premium Essay

Study Guide

...organized around the Terminal Course Objectives (TCOs) and each week builds on the preceding week’s concepts and skills. Each week introduces, explains, and demonstrates the essential concepts, major problem types, and key variations, which embody the TCOs. Here is a week-by-week summary of the major problem types. * Week 1 - Descriptive Statistics: includes central tendency, dispersion, and the shape of the distribution, in numbers, pictures, and tables. * Week 2 – Probability: includes 3 major problem types, and their most important variations: contingency tables, expected value, and the binomial distribution. * Week 3 – Probability continued: includes the normal distribution, its application to sampling distributions, and its most important variations. * Week 4 – Confidence intervals and sample size determinations, and their most important variations. * Week 5 – Hypothesis testing: includes the 5-step hypothesis testing procedure, applied to means and proportions, and its most important variations. * Week 6 – Simple linear regression: includes interpreting Minitab output for point estimates, hypothesis tests, and confidence intervals. * Week 7 – Multiple regression: includes the same elements as simple regression, but also includes the application to multiple independent variables. In conclusion: don’t forget that all of the course materials and course components converge each week on the major problem types and their most important variations...

Words: 382 - Pages: 2

Free Essay

The Affects of Iron and Magnesium Deficiency on Lemma Minor's Photosynthetic Process

...The Affects of Iron and Magnesium Deficiency on Lemma minor’s Photosynthetic Process Lucia Aguilar INTRODUCTION Photosynthesis is the process in which plants can convert light energy into chemical energy to fulfill all of the functions of life. Iron and magnesium are nutrients that play an important role in photosynthesis. Deficiency in either of these nutrients will lead to a change in the photosynthetic rate of plants such as Lemma minor (duckweed). Magnesium is a mobile nutrient that affects older plants before it affects younger plants. Iron is a fairly immobile nutrient that causes chlorosis, the yellowing of leaves due to inadequate amounts of nutrients, in the younger plants (Campbell and Reece, 2005) In this experiment with variable deficiencies of magnesium and iron in Lemma minor, magnesium and iron nutrient concentrations were varied to see what affect the concentration variation, away from the required, had on the rate of photosynthesis of Lemma minor. It was hypothesized that a lack in either magnesium or iron would cause a disruption in the rate of photosynthesis. It was hypothesized that deficiency in magnesium would cause the Lemma minor to be unable to reproduce in number and therefore result in a lower dry mass. The cause of this would be the magnesium’s characteristics of being mobile. Because the magnesium is mobile, the photosynthetic properties of the older plants will be the first to be affected resulting in an inadequate amount of energy which...

Words: 963 - Pages: 4

Premium Essay

Bottle Company Case Study

...-------------------------------------------------------------------------------- .Class Introductions .Week 1 .Week 2 .Week 3 .Week 4 .Week 5 .Week 6 .Week 7 .Week 8 .Week 9 .Week 10 .Week 11 .Supplemental Instruction .Week 10 Assignment 1 Skip to Course Menu Skip to Top Frame Tabs . .Content Week 10 Assignment 1 - Submit Here . Students, please view the "Submit a Clickable Rubric Assignment" in the Student Center. Instructors, training on how to grade is within the Instructor Center. Assignment 1: Bottling Company Case Study Due Week 10 and worth 140 points Imagine you are a manager at a major bottling company. Customers have begun to complain that the bottles of the brand of soda produced in your company contain less than the advertised sixteen (16) ounces of product. Your boss wants to solve the problem at hand and has asked you to investigate. You have your employees pull thirty (30) bottles off the line at random from all the shifts at the bottling plant. You ask your employees to measure the amount of soda there is in each bottle. Note: Use the data set provided by your instructor to complete this assignment. Bottle Number Ounces Bottle Number Ounces Bottle Number Ounces 1 14.5 11 15 21 14.1 2 14.6 12 15.1 22 14.2 3 14.7 13 15 23 14 4 14.8 14 14.4 24 14.9 5 14.9...

Words: 646 - Pages: 3

Premium Essay

Investor Sentiment and Stock Returns

...document is written by Thomas de Vries, Raphael Spaans, and Bart-Floris Lensink, who declare that each individual takes responsibility for the full contents of the whole document. We declare that the text and the work presented in this document is original and that no sources other than mentioned in the text and its references have been used in creating it. RSM is only responsible for supervision of completion of the work but not for the contents.” Table of content Abstract 3 Introduction 4 Theory 5 Current study 7 Effect sizes and confidence intervals 7 Research strategy 8 Populations and measurements 8 Populations 8 Practical relevance of the effect sizes 11 Critical Synthesis 13 Selection of studies 13 Critical evaluation of studies 13 Results and Discussion 14 An attempt at best practice 19 Introduction 19 Methods 19 Research strategy 19 Independent variable 19 Dependent variable 20 Results 21 Control variables 22 Worst case analysis 24 Discussion 24 Appendices 26 Appendix A 26 Appendix B 30 References 31 Sources for data of our control variables 31 Websites 31 Lectures and sheets 31 Scientific articles 31 Abstract The crisis at the end of the last decade made us think about the financial markets and if we could have been able to foresee this crisis. There are numerous theories about this phenomenon, including ones that say we could have been able to predict that the markets were about to collapse. Our thesis is...

Words: 9097 - Pages: 37

Free Essay

Bottling Company Case Study

...Assignment 1: Bottling Company Case Study Due Week 10 and worth 140 points Imagine you are a manager at a major bottling company. Customers have begun to complain that the bottles of the brand of soda produced in your company contain less than the advertised sixteen (16) ounces of product. Your boss wants to solve the problem at hand and has asked you to investigate. You have your employees pull thirty (30) bottles off the line at random from all the shifts at the bottling plant. You ask your employees to measure the amount of soda there is in each bottle. Note: Use the data set provided by your instructor to complete this assignment. Bottle Number Ounces Bottle Number Ounces Bottle Number Ounces 1 14.23 11 15.77 21 16.23 2 14.32 12 15.80 22 16.25 3 14.98 13 15.82 23 16.31 4 15.00 14 15.87 24 16.32 5 15.11 15 15.98 25 16.34 6 15.21 16 16.00 26 16.46 7 15.42 17 16.02 27 16.47 8 15.47 18 16.05 28 16.51 9 15.65 19 16.21 29 16.91 10 15.74 20 16.21 30 16.96 Write a two to three (2-3) page report in which you: 1 Calculate the mean, median, and standard deviation for ounces in the bottles. 2 Construct a 95% Confidence Interval for the ounces in the bottles. 3 Conduct a hypothesis test to verify if the claim that a bottle contains less than sixteen (16) ounces is supported. Clearly state the logic of your test, the calculations, and the conclusion of your test. 4 Provide the following discussion based on the conclusion of your test: a. If you conclude that...

Words: 527 - Pages: 3

Premium Essay

Syllabus

...can to ensure that the next six weeks will be an enlightening and enjoyable learning experience for all of us. Please print a copy of this syllabus for handy reference. Whenever there is a question about what assignments are due, this syllabus is considered the ruling document. Classroom Management Policies     Breaks in the On Campus classes will be when deemed necessary. Please leave the classroom clean. Phones: Turn them off or keep them in silent mode. ***DO NOT answer the phone in the classroom. Laptop/notebook computers: If I determine the use of a laptop during class time is disruptive behavior that hinders or interferes with the educational process, you will be required to turn it off. Technical Support Technical Support is available 24 hours a day, 365 days a year. Call 1-877-832-4867, or use the e-mail support form. For answers to the most common issues, go to “Knowledge Base” by clicking Help, found at the top of every student Web site. Course Description See eCampus. Course Topics & Objectives See eCampus. Course Materials See eCampus. Participation In an intensive, collaborative learning environment such as that of University of Phoenix, class attendance is perhaps the most obvious and objective starting point as a measure for participation. If you are not in attendance, you miss out on many opportunities for learning. Consequently, if you miss class, you will not receive participation points for that week. Determination of participation...

Words: 3437 - Pages: 14

Premium Essay

Statistic

...Study Due Week 10 and worth 140 points Imagine you are a manager at a major bottling company. Customers have begun to complain that the bottles of the brand of soda produced in your company contain less than the advertised sixteen (16) ounces of product. Your boss wants to solve the problem at hand and has asked you to investigate. You have your employees pull thirty (30) bottles off the line at random from all the shifts at the bottling plant. You ask your employees to measure the amount of soda there is in each bottle. Note: Use the data set provided by your instructor to complete this assignment. Bottle Number Ounces Bottle Number Ounces Bottle Number Ounces 1 14.5 11 15 21 14.1 2 14.6 12 15.1 22 14.2 3 14.7 13 15 23 14 4 14.8 14 14.4 24 14.9 5 14.9 15 15.8 25 14.7 6 15.3 16 14 26 14.5 7 14.9 17 16 27 14.6 8 15.5 18 16.1 28 14.8 9 14.8 19 15.8 29 14.8 10 15.2 20 14.5 30 14.6 Write a two to three (2-3) page report in which you: 1. Calculate the mean, median, and standard deviation for ounces in the bottles. 2. Construct a 95% Confidence Interval for the ounces in the bottles. 3. Conduct a hypothesis test to verify if the claim that a bottle contains less than sixteen (16) ounces is supported. Clearly state the logic of your test, the calculations, and the conclusion of your test. 4. Provide the following discussion based on the...

Words: 543 - Pages: 3

Premium Essay

Bottling Company Case Study

...Case Study Due Week 10 and worth 140 points Imagine you are a manager at a major bottling company. Customers have begun to complain that the bottles of the brand of soda produced in your company contain less than the advertised sixteen (16) ounces of product. Your boss wants to solve the problem at hand and has asked you to investigate. You have your employees pull thirty (30) bottles off the line at random from all the shifts at the bottling plant. You ask your employees to measure the amount of soda there is in each bottle. Note: Use the data set provided by your instructor to complete this assignment.  Bottle Number | Ounces | Bottle Number | Ounces | Bottle Number | Ounces | 1 | 14.5 | 11 | 15 | 21 | 14.1 | 2 | 14.6 | 12 | 15.1 | 22 | 14.2 | 3 | 14.7 | 13 | 15 | 23 | 14 | 4 | 14.8 | 14 | 14.4 | 24 | 14.9 | 5 | 14.9 | 15 | 15.8 | 25 | 14.7 | 6 | 15.3 | 16 | 14 | 26 | 14.5 | 7 | 14.9 | 17 | 16 | 27 | 14.6 | 8 | 15.5 | 18 | 16.1 | 28 | 14.8 | 9 | 14.8 | 19 | 15.8 | 29 | 14.8 | 10 | 15.2 | 20 | 14.5 | 30 | 14.6 | Write a two to three (2-3) page report in which you: 1. Calculate the mean, median, and standard deviation for ounces in the bottles. 2. Construct a 95% Confidence Interval for the ounces in the bottles. 3. Conduct a hypothesis test to verify if the claim that a bottle contains less than sixteen (16) ounces is supported. Clearly state the logic of your test, the calculations, and the conclusion of your test. 4. Provide the following...

Words: 556 - Pages: 3

Premium Essay

Mat 540

...your assignment. Assignment #1: JET Copies Case Problem Read the "JET Copies" Case Problem on pages 678-679 of the text. Using simulation estimate the loss of revenue due to copier breakdown for one year, as follows: 1. In Excel, use a suitable method for generating the number of days needed to repair the copier, when it is out of service, according to the discrete distribution shown. 2. In Excel, use a suitable method for simulating the interval between successive breakdowns, according to the continuous distribution shown. 3. In Excel, use a suitable method for simulating the lost revenue for each day the copier is out of service. 4. Put all of this together to simulate the lost revenue due to copier breakdowns over 1 year to answer the question asked in the case study. 5. In a word processing program, write a brief description/explanation of how you implemented each component of the model. Write 1-2 paragraphs for each component of the model (days-to-repair; interval between breakdowns; lost revenue; putting it together). 6. Answer the question posed in the case study. How confident are you that this answer is a good one? What are the limits of the study? Write at least one paragraph. There are two deliverables for this Case Problem, the Excel spreadsheet and the written description/explanation. Please submit both of them electronically via the dropbox. The assignment will be graded using the associated rubric. ...

Words: 673 - Pages: 3