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Many people do not "like" or "trust" single point estimates for things they need measured. Looking back at the data examples you have provided in the previous discussion questions on this issue, how might adding confidence intervals help managers accept the results better? Why?Ask a manger in your organization if they would prefer a single point estimate or a range for important measures, and why? Please share what they say.
Times spent studying by students in the week before final exams follow a normal distribution with standard deviation 8 hours. A random sample of four students was taken in order to estimate the mean study time for the population of all students.
The mean area of several thousand apartments in a new development is advertised to be 1250 sq. ft. An engineer measured a random sample of apartments:
The U.S. Food and Drug Administration (FDA) performed a study that compared the carbohydrate content (as a percentage of weight) of several major brands of corn and potato chips.
If one investment can give you $1200 with a probability of .20 and you could lose $800 with a probability of .80, and another investment can give you $600 with a probability of .70 and a loss of $300 with a probability of .30, which investment is ..
Assume the population standard deviation (s) is 0.5 and the sample size (n) is 100. Calculate the values for alpha, a type I error and beta, a type II error. (To calculate Beta, consider a mean that is 1 standard error away from the lower end valu..
Test a hypothesis to see if this proportion has changed since 1985. I have the standard error and a t-score of 1.660. I need the test effect, test statistic and p-values.
Find the 99% confidence interval of the mean score for all golfers if this is a sample of 50 golfers instead of a sample of 35. Which confidence interval is larger and why?
We can assign probabilities to values of using the normal density curve with mean 0.30 and standard deviation 0.023. Use this density curve to find the probabilities of the following events.
Use Excel and determine the number of each type of person that will be needed to complete the job within the allotted time and at minimum cost.
Programmers have monthly incomes of less than $2,834, what is the value of the standard deviation of the monthly earnings of the computer programmers?
Determine the range and the standard deviation of the checking account balances. What do the first and third quartiles show?
A. what is the probability a randomly chosen business customer flying is on a jumbo jet? B. what is the probability a randomly chosen non-business customer is on an ordinary jet?
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