Data Analysis Final Requierements
Data Analysis Final Requierements
Data Analysis Final Requierements
7. Statistical Intervals
7.1. Confidence Intervals: Single Sample
When conducting a research, estimates based on samples are, of course, subject to
sampling error, and it is important to evaluate the precision of the estimates. Confidence Interval
is a range that you can expect the population parameter to fall within. Confidence Intervals are
conducted using statistical methods, such as t-test. Confidence Interval: Single Sample uses
single number estimate of the population.
Example:
The sample mean for the fill weights of 100 boxes is 12.050. The population variance of
the fill weights is known to be (0.100)2. Find a 95% Confidence Interval for the
population mean µ fill weight of the boxes.
ANS.:
The 95% confidence Interval for µ is [12.030, 12.070]
We are 95% confident that the true parameter value lies in this interval.
7.2. Confidence Intervals: Multiple samples
In Confidence Interval for multiple samples is simply compare two or more groups with
respect to their mean scores. Meaning, that there are different people in the groups being
compared.
Example:
Is a drug’s effectiveness the same in children and adults?
Compare body mass index (BMI) in alcoholic and non-alcoholic people.
7.3 Prediction Intervals
In Prediction Intervals, from the word “prediction” itself, it is used to predict future data
observations based on known population of data. It provides a range of values that is likely to
occur in future events. It is generally calculated in relation to a statistical model of the known
data, often using a linear regression analysis.
Example:
The mean life of the battery is 100-110 hours. Then the battery will fall into the range of
100 to 110 hours 95% of the time
7.4. Tolerance Intervals
According to my research, Tolerance Intervals are similar to Prediction Intervals but
Tolerance Intervals covers a specified proportion of the population for a given Confidence level.
Example:
75% of the time, batteries will fall into the interval 90 to 120 hours, with 95%
confidence.