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Confidence Intervals for Population Means - Excel definitions

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Termini in questo insieme (15)

  • Confidence Interval
    A range calculated from sample data that likely contains the true population mean at a specified confidence level.
  • Population Mean
    The average value for all members of a group, estimated using sample data and statistical methods.
  • Sample Mean
    The average value computed from a subset of data, used as an estimate for the population mean.
  • Margin of Error
    The amount added and subtracted from the sample mean to set the bounds of a confidence interval.
  • Alpha
    The probability of error, calculated as one minus the confidence level, used in confidence interval formulas.
  • Confidence Level
    The percentage indicating how certain one is that the interval contains the true population mean.
  • Population Standard Deviation
    A measure of spread for all data in a population, required for certain confidence interval calculations.
  • Sample Standard Deviation
    A measure of spread within sample data, used when the population standard deviation is unknown.
  • Sample Size
    The number of data points in a sample, affecting the precision of the confidence interval.
  • Lower Bound
    The smallest value in a confidence interval, found by subtracting the margin of error from the sample mean.
  • Upper Bound
    The largest value in a confidence interval, found by adding the margin of error to the sample mean.
  • Normal Distribution
    A bell-shaped curve used when the population standard deviation is known for confidence interval calculations.
  • T Distribution
    A probability distribution used for confidence intervals when the population standard deviation is unknown.
  • CONFIDENCE.NORM
    An Excel function that calculates the margin of error for a confidence interval using the normal distribution.
  • CONFIDENCE.T
    An Excel function that calculates the margin of error for a confidence interval using the t distribution.