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What are the two types of inferential statistics?
- 1) Estimation
- 2) Hypothesis Testing
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What are the two types of Estimation?
- 1) Point Estimation
- 2) Interval Estimation
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What is the difference between the two types of Estimation?
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. Similarly, the sample proportion p is a point estimate of the population proportion P.
An interval estimate is defined by two numbers, between which a population parameter is said to lie. For example, a < x < b is an interval estimate of the population mean μ. It indicates that the population mean is greater than a but less than b.
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The normal distribution is appropriate if what two conditions are valid?
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What does it mean to fall in the shaded area labeled 95%? 
The interval estimate of a confidence interval is defined by the sample statistic ± margin of error. For example, we might say that we are 95% confident that the true population mean falls within a specified range. This statement is a confidence interval. It means that if we used the same sampling method to select different samples and compute different interval estimates, the true population mean would fall within a range defined by the sample statistic ± margin of error 95% of the time.
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What are the confidence coefficients of the following confidence percentages:
1) 90%
2) 95%
3) 99%
- 1) ± 1.645
- 2) ± 1.96
- 3) ± 2.575
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What are the four steps involved in testing hypotheses about population parameters?
- 1) Statement of the pair of hypothesis to be tested
- 2) Test statistic (formula)
- 3) Make a statistical decision
- 4) Nonstatistical decision
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What are the three possible pairs of hypotheses and their corresponding key terms?
- 1) H0 ≠ H0 affect, difference vague
- 2) H0 > H0 increase, more than, greater, takes directon
- 3) H0 < H0 decrease, less than, lower, takes direction
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