Prediction interval, Applied Statistics

Assignment Help:

Prediction Interval

We would like to construct a prediction interval around  206_prediction interval.png  which would contain the actual Y.

If n  ≥  30,   206_prediction interval.png  ± Zse would be the interval, where Z is the appropriate Standard Normal Value.

If n < 30,   206_prediction interval.png  ± tse would be the interval, where t is the appropriate t value (with n - 2 degrees of freedom).

Example 

In the case of the pharmaceutical firm, at X = Rs.1 crore the 90% prediction interval is 22 ± 2.132 x 3.24.


Related Discussions:- Prediction interval

Compute a correlation coefficient, A researcher was interested lowering the...

A researcher was interested lowering the high school dropout level in his county. He measured the reading level of students entering middle school (based on a standard test) and th

Standard cost method, Under the standard cost method which is also referred...

Under the standard cost method which is also referred as the standard cost method ,stock receipts are assigned a standard cost. Any variations between the actual cost and standard

Determine the lower and upper fences, To study the physical fitness of a sa...

To study the physical fitness of a sample of 28 people, the data below was collected representing the  number of sit-ups that a person could do in one minute.      10    12

X-bar charts when the mean and standard deviation not known , Charts when t...

Charts when the Mean and the Standard Deviation are not known We consider the data corresponding to the example of Piston India Limited. Since we do not know population mean a

Probability, .1 Modern hotels and certain establishments make use of an ele...

.1 Modern hotels and certain establishments make use of an electronic door lock system. To open a door an electronic card is inserted into a slot. A green light indicates that the

Make a decision about the claim, Make a decision about the given claim. Do...

Make a decision about the given claim. Do not use any formal procedures and exact calculation. Use only the rare event rule. Claim: A coin favors head when tossed, and there

Genmod procedure, The following dataset is from a study of the effects of s...

The following dataset is from a study of the effects of second hand smoking in Baltimore, MD, and Washington, DC. For the 25 children involved in this study the outcome variable is

Find the optimal order quantity, The Maju Supermarket stocks Munchies Cerea...

The Maju Supermarket stocks Munchies Cereal. Demand for Munchies is 4,000 boxes per year and the super market is open throughout the year. Each box costs $4 and it costs the store

Systematic random sampling, Systematic Random Sampling This method  is ...

Systematic Random Sampling This method  is generally used in such cases where a complete list of the population is available from which sample has to be selected. Under this

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd