UCF QMB 3200 Final
What are the three population
µ, Ã,p
paramters?
What if the population is too large or we Take a sample of the population to esti-
don't have all the data of the population? mate the population parameters.
1.Assign a random number to each ele-
How do you sample from a finite popula- ment of the population.
tion? 2. Select the n elements corresponding
to the n smallest numbers
Choosing a simple random sample of
size n from a finite population of size N
What defines sampling from a finite pop-
where each possible sample of size n
ulation?
has the same probability of being select-
ed.
1. Each element comes from the same
How do you sample from an infinite pop- population;
ulation? 2. Each element is selected indepen-
dently.
What are point estimators for mean, The resulting values from calculations
standard deviation, and proportion? using sample data.
The probability distribution of all possible
What is the sampling distribution of xÉ?
values of the sample mean xÉ.
Denoted as E(xÉ); and E(xÉ) = µ, the pop
What is the expected value of xÉ?
lation mean
Denoted as ÃxÉ; its value depends on
What is the standard deviation of xÉ?
whether the population is finite.
What is another name for the standard
The standard error of the mean.
deviation of the mean?
1. The population has a normal distribu-
What are the two possibilities for the tion;
shape of the sampling distribution of x? 2. The population does not have a normal
distribution.
What happens when the population has The sampling distribution of xÉ is normally
a normal distribution? distributed for any sample size.
1/5
, UCF QMB 3200 Final
The central limit theorem helps identify
What happens when the population does
the shape of the sampling distribution of
not have a normal distribution?
xÉ.
The sampling distribution of the sample
What does the central limit theorem say mean can be approximated by a normal
about sampling distributions? distribution as the sample size becomes
large.
The probability distribution of all possible
What is the sampling distribution of pÉ?
values of the sample proportion pÉp.
What is the standard deviation of the
The standard error of the proportion.
sample proportion called?
The point estimate along with a margin of
What is interval estimation?
error.
To provide information about how close
What is the purpose of an interval esti-
the point estimate is to the value of the
mate?
population parameter.
What is the level of significance (±)? Equal to 1 - confidence coefficient.
The probability of drawing a sample,
What does the level of significance rep- computing the mean, and finding xÉlies in
resent? one of the tails of the sampling distribu-
tion.
If the confidence coefficient is 0.95, what
: 1 - 0.95 = 0.05
is the level of significance?
How is the Margin of Error calculated in
=CONFIDENCE.NORM
Excel?
Use s as an estimate of Ã,and use the
What if Ãis unknown?
t-distribution
What does the t-distribution depend on? degrees of freedom (n-1)
What happens to the t-distribution as de- It approaches the standard normal distri-
grees of freedom increase? bution.
How do we indicate the t-distribution
We place a subscript t.
area in the upper tail?
Rejecting the null hypothesis when it is
What is a Type I error?
true.
2/5
What are the three population
µ, Ã,p
paramters?
What if the population is too large or we Take a sample of the population to esti-
don't have all the data of the population? mate the population parameters.
1.Assign a random number to each ele-
How do you sample from a finite popula- ment of the population.
tion? 2. Select the n elements corresponding
to the n smallest numbers
Choosing a simple random sample of
size n from a finite population of size N
What defines sampling from a finite pop-
where each possible sample of size n
ulation?
has the same probability of being select-
ed.
1. Each element comes from the same
How do you sample from an infinite pop- population;
ulation? 2. Each element is selected indepen-
dently.
What are point estimators for mean, The resulting values from calculations
standard deviation, and proportion? using sample data.
The probability distribution of all possible
What is the sampling distribution of xÉ?
values of the sample mean xÉ.
Denoted as E(xÉ); and E(xÉ) = µ, the pop
What is the expected value of xÉ?
lation mean
Denoted as ÃxÉ; its value depends on
What is the standard deviation of xÉ?
whether the population is finite.
What is another name for the standard
The standard error of the mean.
deviation of the mean?
1. The population has a normal distribu-
What are the two possibilities for the tion;
shape of the sampling distribution of x? 2. The population does not have a normal
distribution.
What happens when the population has The sampling distribution of xÉ is normally
a normal distribution? distributed for any sample size.
1/5
, UCF QMB 3200 Final
The central limit theorem helps identify
What happens when the population does
the shape of the sampling distribution of
not have a normal distribution?
xÉ.
The sampling distribution of the sample
What does the central limit theorem say mean can be approximated by a normal
about sampling distributions? distribution as the sample size becomes
large.
The probability distribution of all possible
What is the sampling distribution of pÉ?
values of the sample proportion pÉp.
What is the standard deviation of the
The standard error of the proportion.
sample proportion called?
The point estimate along with a margin of
What is interval estimation?
error.
To provide information about how close
What is the purpose of an interval esti-
the point estimate is to the value of the
mate?
population parameter.
What is the level of significance (±)? Equal to 1 - confidence coefficient.
The probability of drawing a sample,
What does the level of significance rep- computing the mean, and finding xÉlies in
resent? one of the tails of the sampling distribu-
tion.
If the confidence coefficient is 0.95, what
: 1 - 0.95 = 0.05
is the level of significance?
How is the Margin of Error calculated in
=CONFIDENCE.NORM
Excel?
Use s as an estimate of Ã,and use the
What if Ãis unknown?
t-distribution
What does the t-distribution depend on? degrees of freedom (n-1)
What happens to the t-distribution as de- It approaches the standard normal distri-
grees of freedom increase? bution.
How do we indicate the t-distribution
We place a subscript t.
area in the upper tail?
Rejecting the null hypothesis when it is
What is a Type I error?
true.
2/5
