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Bus Stats II Exam 1

Terms and Excel

TermDefinition
Confidence Coefficient The confidence level expressed as a decimal value. For example, .95 is the confidence coefficient for a 95% confidence level
Confidence Interval Another name for an interval estimate.
Confidence Level The confidence associated with an interval estimate. I.e.an interval estimation procedure provides intervals such that 95% of the intervals formed will include the population parameter, the estimate is said to be constructed at the 95% confidence level
Degrees of Freedom A parameter of the t distribution. When the t distribution is used in the computation of an interval estimate of a population mean, the appropriate t distribution has n − 1 degrees of freedom, where n is the size of the sample.
Interval Estimate An estimate of a population parameter that provides an interval believed to contain the value of the parameter. For the interval estimates in this chapter, it has the form: point estimate ± margin of error
Margin of Error The ± value added to and subtracted from a point estimate in order to develop an interval estimate of a population parameter
t Distribution A family of probability distributions that can be used to develop an interval estimate of a population mean whenever the population standard deviation s is unknown and is estimated by the sample standard deviation s
Sigma Known The case when historical data or other information provides a good value for the population standard deviation prior to taking a sample. The interval estimation procedure uses this known value of s in computing the margin of error
Sigma Unknown The more common case when no good basis exists for estimating the population standard deviation prior to taking the sample. The interval estimation procedure uses the sample standard deviation s in computing the margin of error
Point Estimate The value of a point estimator used in a particular instance as an estimate of a population parameter
Alternative Hypothesis the hypothesis concluded to be true if the null hypothesis is rejected
Critical Value a value that is compared with the test statistic to determine whether h0 should be rejected
Level of Significance the probability of making a type i error when the null hypothesis is true as an equality
Null Hypothesis the hypothesis tentatively assumed true in the hypothesis testing procedure
One-Tailed Test a hypothesis test in which rejection of the null hypothesis occurs for values of the test statistic in one tail of its sampling distribution
P-Value a probability that provides a measure of the evidence against the null hypothesis given by the sample. Smaller p-values indicate more evidence against h0.
Power the probability of correctly rejecting h0 when it is false
Power Curve a graph of the probability of rejecting h0 for all possible values of the population parameter not satisfying the null hypothesis. the power curve provides the probability of correctly rejecting the null hypothesis.
Test Statistic a statistic whose value helps determine whether a null hypothesis should be rejected.
Two-Tailed Test a hypothesis test in which rejection of the null hypothesis occurs for values of the test statistic in either tail of its sampling distribution
Type I Error the error of rejecting h0 when it is true
Type II Error the error of accepting h0 when it is false
SUM Adds values within cell references or range of values
AVERAGE Returns the average (or mean) of the arguments
COUNT Finds the number of entries in a range or array of numbers
COUNTA Finds the number of cells containing any information
STDEV.S Estimates standard deviation based on a sample
NORM.DIST Returns the normal distribution for the specified mean and standard deviation. Finding the probability that x falls below or at a specified value
NORM.INV Returns the inverse of the normal cumulative distribution for a supplied value of x, with a given mean and standard deviation. Finds value using the left part of the curve area
NORM.S.DIST Finds probability less than or equal to value on standard normal distribution. Left tailed normal, right tailed -1 and two tailed x2 the p-value.
NORM.S.INV Finds value on standard normal distribution which corresponds to having p% of the area less than that value
CONFIDENCE.NORM Finds the margin of error for a mean with sigma known
CONFIDENCE.T Finds the margin of error for a mean with sigma unknown
T.DIST.RT Finds the p-value of a one tailed test for a mean with sigma unknown
T.DIST.2T Finds p-value of a two-tailed test for a mean with sigma unknown
Z.TEST Finds the p-value of a one tailed test for a mean with sigma known
Created by: Faith64
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