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Critical Thinking Questions Case 11-2

question 14

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Critical Thinking Questions Case 11-2
As the administrative assistant to the owner of a small business that collects and then resells Civil War memorabilia, you are assigned the task of developing a new electronic form to be added to the store's current static website. The purpose of the form is to gather information from potential suppliers and customers.
You want visitors to be able to type information in a text box, so you decide to include a ____.


Definitions:

Population Parameter

A numerical value that represents a characteristic of an entire population, such as its mean or standard deviation.

Interval Estimate

An estimate that provides a range of values which is likely to include the population parameter of interest.

Confidence Level

The confidence associated with an interval estimate. For example, if an interval estimation procedure provides intervals such that 95% of the intervals formed using the procedure will include the population parameter, the interval estimate is said to be constructed at the 95% confidence level.

Confidence Interval

A breadth of outcomes, sourced from sample-derived statistics, expected to surround the unknown figure of a population characteristic.

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