What is the confidence interval estimate of the population mean?

Solution:

Confidence Interval is used to describe the uncertainty associated with a sampling method.

The confidence interval estimate of the population mean is  X_j ± z × S_j / (n)^1/2 

A confidence interval gives the probability within which the true value of the parameter will lie.

The general format of a confidence interval estimate of a population mean is given by :

= Sample mean ± Multiplier × Standard error of Mean 

For variable X_j, a confidence interval estimate of its population mean µ_j is given by,

= X_j  ± z × S_j / (n)^1/2 

Where,

• X_j is the sample mean,
• S_j is the standard sample deviation, 
• n is the sample value
• z represents the appropriate z-values corresponding to the confidence interval in z-table

Hence, the confidence interval estimate of the population mean is  X_j ± z × S_j / (n)^1/2 .

What is the confidence interval estimate of the population mean?

Summary:

The confidence interval estimate of the population mean is  X_j ± z × S_j / (n)^1/2