Term
| The width of the confidence interval for the population mean depends on |
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Definition
| the sample standard deviation |
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Term
| The chief distinction between a point estimate and an interval estimate is that |
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Definition
| an interval estimate indicates the precision of the estimate while a point estimate does not |
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Term
| A 95 percent confidence interval for the mean time taken to process new insurancepolicies (in days) is 11 <= u <= 12. This interval can be interpreted to mean that |
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Definition
| about 95 out of every 100 such intervals constructed from random samples of the same size will contain the population mean processing time |
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Term
| An analyst, using a random sample of n = 500 families, obtained a 90 percent confidence interval for mean monthly family income for this large population: $600 <= u <= $800. If the analyst had used a 99 percent confidence coefficient instead, the confidence interval would be: |
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Definition
| wider and would involve a smaller risk of being incorrect |
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Term
| In constructing a confidence interval for the population mean, which of the following factors affect the width of the interval? |
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Definition
| the variability in the population |
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Term
| The sampling distribution of any statistic: |
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Definition
| is a probability distribution of the possible different values that the sample statistic may take on |
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Term
| The process of making decisions about the values of population parameters based on sample data is known as: |
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Definition
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Term
| Which statements apply to normal probability distributions? |
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Definition
| They are all unimodal, they are all symmetric, and the area under the distribution is always 1.00 |
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Term
| The sampling distribution of X bar refers to: |
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Definition
| the distribution of the different possible values of the sample mean together |
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Term
| The characteristics (parameters) of the sampling distribution of X bar are materially affected by: |
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Definition
| the sample size, the variability in the population, and the mean of the population |
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Term
| The Central Limit Theorem assures us that the sampling distribution of the sample mean: |
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Definition
| Is always approximately normal for sufficiently large sample sizes |
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Term
| The standard error of the sample mean for a sample size of n = 2 or more is: |
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Definition
| always less than the standard deviation of the population |
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Term
| The Central Limit Theorem: |
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Definition
| permits us to know the sampling distribution of the sample mean and, therefore, to know how accurate the sample mean is as an estimator of the population mean |
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Term
| A simple random sample of a population is chosen in such a way that: |
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Definition
| each possible sample combination has an equal probability of being chosen |
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Term
| Simple random sampling refers to: |
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Definition
| the method of sample selection |
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Term
| The expected value of the sample mean, X bar, is the same as ______. |
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Definition
| the population mean of the sample population |
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Term
| The Central Limit Theorem is important because it can always be applied without assuming the distribution of the population of interest, provided the sample size is sufficiently ______ and the population variance is _____. |
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Definition
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Term
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Definition
1) Point Estimation
2) Interval Estimation
3) Hypothesis Testing |
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Term
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Definition
| estimates an unknown value with a single point |
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Term
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Definition
-Gives a range of values that one believes could contain the correct value
-Catch parameter in an interval, accounts for uncertainty |
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Term
| A random sample is NOT a representative sample, however, a: |
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Definition
| random sample has a high chance of being a representative sample |
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Term
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Definition
| describe the characteristic of the population (or random variable) or interest |
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Term
| Every estimator of a population parameter is a random variable that has its own _______. |
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Definition
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Term
| Every estimator is a ______. |
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Definition
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Term
| The purpose of statistical data analysis: |
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Definition
| is to turn raw data into info one can use to make better decisions |
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Term
| The standard normal distribution always has a mean equal to ___ and standard deviation equal to ____. |
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Definition
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Term
| ________ is a source of error for every estimator. |
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Definition
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