7.1 Confidence Intervals and Estimation

Flashcards covering key vocabulary regarding confidence intervals and statistical estimation concepts.

Population

The entire group of individuals about which we want information.

Sample

A subset of the population from which we collect information.

Point Estimate

A single value for a population parameter, typically the sample mean.

Unbiased Statistic

A statistic that does not overestimate or underestimate the population parameter.

Low Variation Statistic

A statistic that gives consistent results across different samples.

Interval Estimate

An interval or range of values used to estimate a population parameter.

Confidence Level (C)

The probability that the interval estimate contains the true population parameter.

Central Limit Theorem

States that the sampling distribution of the sample mean approaches normality as the sample size increases.

Margin of Error

Tells how close the estimate tends to be to the unknown parameter in repeated sampling.

68-95-99.7 Rule

In a normal distribution, 68% of data falls within one standard deviation, 95% within two, and 99.7% within three.

Confidence Interval

An interval estimate that represents the range of plausible values for a population parameter.

Sample Mean (x̅)

The mean calculated from a sample, used as a point estimate for the population mean.

Critical Value

A factor used to compute the margin of error, based on the desired confidence level.

One-Sample z Interval

A confidence interval for a population mean calculated using the sample mean and known population standard deviation.

Sample Size (n)

The number of observations in a sample, affecting the reliability and accuracy of an estimate.