About This Chapter
Confidence Intervals - Chapter Summary
In this chapter on confidence intervals, you'll explore how statisticians and researchers use point and interval estimations to ensure higher levels of accuracy. The lessons also cover how to find the confidence interval in different types of data distributions and proportions. These lessons are presented in an easy-to-follow format and combined with self-assessment quizzes. If you need to review a specific part of a video lesson, the video tags in the Timeline allow you to jump back to any point. Using these lessons, you'll be prepared to do the following:
- Differentiate between point and interval estimations
- Estimate confidence intervals by determining sample size
- Find confidence intervals with normal and t distribution
- Share an example of degrees of freedom
- Define sample proportion in statistics
- Calculate confidence intervals, coefficients and levels
- List components of the sampling process in business
- Exhibit knowledge of considerations for small samples in inferential statistics
- Quantify reliability by applying confidence intervals in business
1. Point & Interval Estimations: Definition & Differences
Statisticians have to use estimation to describe and infer information from gathered data. In this lesson, you will learn about the two types of estimation used: point and interval estimation.
2. Determining the Sample Size to Estimate Confidence Intervals: Definition & Process
In this lesson, you will learn how to determine the most appropriate sample size to find the confidence interval we need using a specific case example.
3. Finding Confidence Intervals with the Normal Distribution
In this lesson, you're going to learn how to construct a confidence interval when the population's standard deviation is known and the population is normally distributed.
4. Using the t Distribution to Find Confidence Intervals
In this lesson, you're going to learn how we find confidence intervals for normally distributed populations where the population standard deviation is not known. Work through the sample, then test your understanding with a brief quiz.
5. Degrees of Freedom: Definition, Formula & Example
Degrees of freedom is a mathematical equation used primarily in statistics, but also in mechanics, physics, and chemistry. In this lesson, explore how degrees of freedom can be used in statistics to determine if results are significant.
6. Sample Proportion in Statistics: Definition & Formula
This lesson talks about the definition, formula, and use of the sample proportion. We also see a brief intro into the concept of margin of error and selection of sample size. After completing the lesson, take a short quiz to see what you have learned.
7. Finding Confidence Intervals for Proportions: Formula & Example
In this lesson, you're going learn how to figure out the margin of error, confidence interval, and point estimate for a population proportion with large sample sizes.
8. Calculating Confidence Intervals, Levels & Coefficients
In this lesson, you're going to learn about confidence intervals, confidence levels, and coefficients, and how they relate to point estimates and interval estimates.
9. Sampling Process in Business: Components & Examples
Statistics are an important tool used by business leaders to make solid, accurate business decisions. This lesson explores three important statistical concepts and explains their relevance in business decision-making activities.
10. Considerations for Small Samples in Inferential Statistics
Small samples should be avoided in inferential statistics, but there are certain circumstances that require small sample sizes. This lesson reviews those circumstances and procedures to follow when using small samples.
11. Applying Confidence Intervals in Business to Quantify Reliability
In this lesson we will understand how to apply confidence intervals to a business application. This statistical measurement will provide a statement of confidence that sample measurements are actually representative of the entire population. The concepts are explained with the help of an example to calculate confidence intervals.
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Other chapters within the Business 212: Business Statistics course
- Introduction to Business Statistics
- Introduction to Categorical Data
- Descriptive Statistics: Measurement
- Descriptive Statistics: Representation
- Measures of Dispersion in Business
- Measures of Association & Correlation in Business
- Probability for Business Statistics
- Probability Distributions for Business Statistics
- Sampling Methods for Statistics
- Hypothesis Testing in Business
- Analysis of Variance
- Nonparametric Methods in Statistics
- Regression Analysis
- Understanding Business Forecasting
- Using Control Charts in Business