Understanding Confidence Intervals: A Shooting Metaphor - Prof. Eric L. Huggins, Assignments of Business Statistics

Download Understanding Confidence Intervals: A Shooting Metaphor - Prof. Eric L. Huggins and more Assignments Business Statistics in PDF only on Docsity! BA 253: Homework 5 Due: Monday, 10/20/08, at the beginning of class.  Read Chapter 8: Interval Estimation  Exercises: o 8.1: 2, 8 o 8.2: 13, 18 o 8.3: 26 o 8.4: 31, 36, 42 A guy notices a bunch of targets scattered over a barn wall, and in the center of each, in the "bulls-eye," is a bullet hole. "Wow," he says to the farmer, "that's pretty good shooting. How'd you do it?" "Oh," says the farmer, "it was easy. I painted the targets after I shot the holes." Confidence intervals are a little like that. After we make a point estimate (a bullet hole), we are going to draw a target (an interval) around the point and state the probability that real objective is in the target area. The wider the target, the greater the probability, as you'd expect. Also, the more accurate the shooting, the greater the probability. [ from http://cs.wellesley.edu/~cs199/lectures/25-point-estimation-confidence-intervals.html ]