BUAL 2650 EXAM 1 PARK CORRECT100%

BUAL 2650 EXAM 1 PARK
CORRECT100%

Population - ANSWERSet of all elements about which you wish to draw conclusions

Sample - ANSWERSubset of the elements of a population

Sampling distribution of the sample mean (x) - ANSWERPossibility distribution of the
sample means obtainable from all possible samples of size n from a population of
size N

Normal curve - ANSWERMany situations, distribution of all possible sample means
looks roughly like this

The mean of all possible sample means is equal to - ANSWERFormula on slides

The standard deviation of all possible sample means is less than - ANSWERFormula
on slides


Population parameter - ANSWERNumber calculated from all the population
measurements that describes some aspect of the population

Sample statistic - ANSWERNumber calculated using the sample measurements that
describes some aspect of the sample


Sampling error - ANSWERDifference between the sample statistic and population
parameter

Also called variation

Interval Estimator (confidence interval) - ANSWERFormula that tells us how to use
the sample data to calculate an interval that estimates the target parameter

(Sample mean) + or - (Margin of error)

Variance in the population - ANSWERLower variance in the population -> smaller
(narrower) confidence interval

Sample Size - ANSWERLarger sample size -> Smaller (narrower) confidence
interval

Confidence Level - ANSWERPercentage (ex: 0.95) of how confident we are that the
CI contains the population mean