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Sample statistics, such as the sample mean or the sample proportion, can be used to estimate a population parameter (such as the population mean or the population proportion). For example, you can estimate the true mean weight of all newborn babies in the entire world by collecting a sample and using that sample to generate a 95% confidence interval.Because the sample is a relatively little portion of the entire population, errors will have to be considered. Using a sample to create a range or interval of values that estimates a population value is called a “confidence interval.”The formula for calculating a 95% confidence interval for a population mean is:The general “Confidence Interval” formula is:sample mean – E < population mean < sample mean + ETo calculate a confidence interval, the margin of error (E) must first be calculated.The Margin of Error, E, for means is: E = 1.96*s/sqrt(n), where s is the sample standard deviation, n is the sample size. The “sqrt” stands for square root.The Margin of Error, E, for proportions is: E = 1.96*sqrt[p*(1-p)/n], where s is the sample standard deviation, n is the sample size, and p is the proportion.Purchase the answer to view it
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