Homework Help is Here – Start Your Trial Now!
Math
Statistics
Explain how confid explanation.

Explain how confid explanation.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
**Title: Understanding Confidence Intervals in Decision-Making** Provide an appropriate response. **6) Application of Confidence Intervals in Decision-Making:** Explain how confidence intervals might be used to make decisions. Give an example to clarify your explanation. --- **Educational Explanation:** Confidence intervals are a fundamental concept in statistics used to estimate a range in which we expect a population parameter to lie, based on sample data. They account for the degree of uncertainty or variability in the data. **Example Explanation:** Consider a 95% confidence interval for the proportion of female medical students in a university. If this interval is found to be between 0.45 and 0.55, decision-makers can interpret that there's a 95% certainty the true proportion of female medical students lies within this range. This information can be pivotal for university policy decisions, such as gender-targeted scholarships or diversity initiatives. By understanding the potential range in the proportion, decision-makers can implement programs with greater confidence that these efforts align with the actual demographics.
Transcribed Image Text:**Title: Understanding Confidence Intervals in Decision-Making** Provide an appropriate response. **6) Application of Confidence Intervals in Decision-Making:** Explain how confidence intervals might be used to make decisions. Give an example to clarify your explanation. --- **Educational Explanation:** Confidence intervals are a fundamental concept in statistics used to estimate a range in which we expect a population parameter to lie, based on sample data. They account for the degree of uncertainty or variability in the data. **Example Explanation:** Consider a 95% confidence interval for the proportion of female medical students in a university. If this interval is found to be between 0.45 and 0.55, decision-makers can interpret that there's a 95% certainty the true proportion of female medical students lies within this range. This information can be pivotal for university policy decisions, such as gender-targeted scholarships or diversity initiatives. By understanding the potential range in the proportion, decision-makers can implement programs with greater confidence that these efforts align with the actual demographics.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS