Business Statistics

Chapter 9

Statistical Inference: Estimation for Single Populations

Errors using inadequate data are much less than those using no data at all

 

– Charles Babbage

LEARNING OBJECTIVES

Upon completion of this chapter, you will be able to:

• Understand the concept of estimation and types of estimators
• Use z-statistic for estimating population mean
• Understand the concept of confidence interval for estimating population mean μ when σ is unknown
• Estimate poputlion mean using the t statistic test (small sample case)
• Understand the concept of confidence interval estimation for population proportion
• Understand the concept of sample size for estimating population mean μ
• Understand the concept of sample size for estimating the population proportion ρ