Introduction

When you are dealing with large populations, for example populations created by the manufacturing processes, it is impossible, or very difficult indeed, to deal with the whole population and know the parameters of that population. Items such as car components, electronic components, aircraft components or ordinary everyday items such as light bulbs, cycle tyres and cutlery effectively form infinite populations. Hence we have to deal with samples taken from a population and estimate those population parameters that we need. This Workbook will show you how to calculate single number estimates of parameters - called point estimates - and interval estimates of parameters - called interval estimates or confidence intervals. In the latter case you will be able to calculate a range of values and state the confidence that the true value of the parameter you are estimating lies in the range you have found.

Prerequisites

Learning Outcomes