Estimated Value & Standard Error
Not what you're looking for?
I need an idea for an example of the following question:
--------------
1. Obtain an estimated value and its standard error (either from data or by educated guess) for each of TWO situations important to your business interests. For each case, find a confidence interval and write a sentence interpreting it. Explain your reasons if you use a confidence level other than 95% or if you use a one-sided confidence interval.
________________________
thank you for your help and ideas!
Purchase this Solution
Solution Summary
This solution of 386 words explains how to calculate the standard deviation, standard error, confidence interval and also formulas to aid calculations of variables. A worked example is provided with step-by-step calculations.
Solution Preview
Dear Student,
If we take many random samples from a population and calculate their means and then take the standard deviation of those means, then we will call this standard deviation as standard error. In other words, the standard error tells us how accurate the sample mean is as compared to the population mean. The smaller the standard error the closer the sample mean to the population mean.
The formula for standard error is population standard deviation divided by the square root of the sample size. However, if the population variance is given ...
Purchase this Solution
Free BrainMass Quizzes
Terms and Definitions for Statistics
This quiz covers basic terms and definitions of statistics.
Measures of Central Tendency
Tests knowledge of the three main measures of central tendency, including some simple calculation questions.
Measures of Central Tendency
This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.
Know Your Statistical Concepts
Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.