M7-Quantitative Decision Methods-S3 - Normal Distribution and confidence intervals

The Normal distribution is the most widely used statistical distribution. It's formula is given by:

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The Central Limit Theorem says that if you keep drawing larger and larger samples (like rolling 1, 2, 5, and, finally, 10 dice) and calculating their mean tthe sample means (averages) form their own normal distribution (the sampling distribution). The normal distribution has the same mean as the original distribution and a variance that equals the original variance divided by <n>, the sample size. <n> is the number of values that are averaged together not the number of times the experiment is done.

The Confidence interval for population mean