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Sampling and Estimation

When do you use the following:

1) Point estimate (+/-) Reliability factor X Standard of error

2) X (+/-) X(alpha/2) X (standard deviation/square root of n)

I think it has to do with the amount of information that is given...can someone pls confirm?



Edited 1 time(s). Last edit at Thursday, December 3, 2009 at 09:13PM by gazhoo.

gazhoo Wrote:
-------------------------------------------------------
> When do you use the following:
>
> 1) Point estimate (+/-) Reliability factor X
> Standard of error
>
the general formula to use when you're asked to estimate an interval within which the true mean of the population lies.


> 2) X (+/-) X(alpha/2) X (standard deviation/square
> root of n)
>
You probably mean:

X (+/-) Z(alpha/2) X (standard deviation/square root of n)
same thing, but here it is the specific formula to use when you know the TRUE population stddev

ie.
X (or more correctly, X upper dash to indicate mean value) is just the symbol for point estimate
Z(alpha/2) is the reliability factor.
- Alpha (e.g., 5%, 1%) is the probability of being in the right and left tail.
- z is normal distribution.

If you don't know the true population mean, you use the stddev of the sample which is the symbol s.

> I think it has to do with the amount of
> information that is given...can someone pls
> confirm?

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