What is the confidence interval estimate of the population mean?
Confidence Interval is used to describe the uncertainty associated with a sampling method.
Answer: The confidence interval estimate of the population mean is Xj ± z × Sj / (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 Xj, a confidence interval estimate of its population mean µj is given by,
= Xj ± z × Sj / (n)1/2
- Xj is the sample mean,
- Sj is the standard sample deviation,
- n is the sample value
- z represents the appropriate z-values corresponding to confidence interval in z-table