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Author Question: Compare and contrast confidence intervals and prediction intervals. What will be an ideal ... (Read 127 times)

lindiwe

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on: Jun 24, 2018
Compare and contrast confidence intervals and prediction intervals.
 
  What will be an ideal response?

Question 2

When a marketing manager surveys a few of the customers for the purpose of drawing a conclusion about the entire list of customers, she is applying:
 
  A) inferential statistics.
  B) descriptive statistics.
  C) quantitative models.
  D) numerical measures.
Statistics, Data Analysis, and Decision Modeling ¦ Evans ¦ 5th Edition
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bhavsar

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Reply #1 on: Jun 24, 2018
Answer to Question 1

A confidence interval provides an interval estimate of a population parameter such as mean or proportion. A prediction interval provides a range for predicting the value of a new observation that is not a natural attribute of that population like mean or proportion. A confidence interval is associated with the sampling distribution of a statistic, but a prediction interval is associated with the distribution of the random variable itself.

Answer to Question 2

A


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