From the course: Excel Statistics Essential Training: 2
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Creating confidence intervals in Excel (proportions) - Microsoft Excel Tutorial
From the course: Excel Statistics Essential Training: 2
Creating confidence intervals in Excel (proportions)
- [Instructor] Before we jump to Excel to create confidence intervals for proportions, let's take a look at the formula and the elements of the formula that we'll use to create the upper limit and the lower limit of our confidence intervals. The formula for the upper limit is p-hat plus a Z value times the expression under the square root symbol, which is actually our sampling error. What do the letters mean in the formula? p-hat is the proportion of our random sample, n is the size of our random sample, and Z will be the Z-score associated to our desired level of confidence. The formula for the lower limit is p-hat minus a Z value times the standard deviation, or standard error in this case. Let's do a quick example. Suppose for a certain city, we want to know the proportion of homes that had dogs. First, let's look at p-hat. Remember, we're taking one simple random sample to create our confidence interval. p-hat…
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