Many university admission committees use the GMAT score as one of the critical indicators of how well a student is likely to perform in an MBA program.  However, the GMAT might not be a very strong indicator for all MBA programs.  Suppose that an MBA program designed for middle managers who wish to upgrade their skills was launched 3 years ago.  To judge how well the GMAT scores predict MBA performance, a sample of 12 graduates was taken.  Their GPA in the MBA program (values 0 to 12) and their GMAT scores (values ranging from 200 to 800) are listed below.  Compare the covariance and the correlation coefficient.  Interpret your findings. GMAT GPA 599 9.6 689 8.8 584 7.4 631 10.0 594 7.8 643 9.2 656 9.6 594 8.4 710 11.2 611 7.6 593 8.8 683 8.0

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Confidence Intervals

When we calculate intervals in probability and statistics, it can be simply termed as finding out a confidence interval. The confidence interval is usually calculated from the data set which is observed. The value of the parameter that needs to be calculated is present here only.