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Confidence Interval Exam Questions And Answers 100% Verified And Updated. Two primary concerns when developing a confidence interval: - Answerlevel of confidence and precision (MOE) Inference: - Answercourse of observation in which you want to draw conclusions that are not possible to actually...

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  • January 23, 2025
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Confidence Interval
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Confidence Interval Exam Questions And
Answers 100% Verified And Updated.



Two primary concerns when developing a confidence interval: - Answer✔level of confidence
and precision (MOE)
Inference: - Answer✔course of observation in which you want to draw conclusions that are not
possible to actually draw (average US household income), you use a sample then to draw a
conclusion
Why inferences are used: - Answer✔because time and money are limited

2 types of inferential statistics: - Answer✔1) estimation 2) hypothesis testing
estimation can produce either: - Answer✔1) point estimation 2) interval estimation

a point estimate: - Answer✔a single value estimate

Interval estimate: - Answer✔a range estimate
Properties that make estimator formulas more reliable: - Answer✔1) unbiasedness (use of the
right values of p hat or x bar) 2) consistency
Estimator - Answer✔a formula used to make an estimate

estimate - Answer✔the value achieved from an estimator formula
Unbiasedness: - Answer✔when the value of a statistic equals the value of a parameter (Mx =
Mx-bar and Mp-hat = p)
Consistency says that: - Answer✔as the sample size increases, the variance of the sampling
distribution decreases
high vs. low variability and bias: - Answer✔spread out nature of the data, accuracy of the data
The statistical methods that we will use will have: - Answer✔low bias always and attempt to
lower variability, but high variability is also acceptable
How one would turn high variability into low variability: - Answer✔increase the sample size

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