ESSAYWhat is the effect of having different levels of confidence in estimation of population mean? Research and make a report of the importance of confidence interval estimations in business decision making and engineering design.

1: The confidence interval is the plus-or-minus figure usually reported in newspaper or television…

Answered: ESSAY | bartleby

Math

Statistics

ESSAY

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section: Chapter Questions

Problem 8SGR

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Question

ESSAY

What is the effect of having different levels of confidence in estimation of population mean?
Research and make a report of the importance of confidence interval estimations in business decision making and engineering design.

Definition Definition Method in statistics by which an observation’s uncertainty can be quantified. The main use of interval estimating is for describing a range that is made by transforming a point estimate by determining the range of values, or interval within which the population parameter is likely to fall. This range helps in measuring its precision.

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