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Author Question: Explain how point estimates and confidence interval estimates are related and the role of confidence ... (Read 125 times)

OSWALD

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on: Jun 29, 2018
Explain how point estimates and confidence interval estimates are related and the role of confidence level in this relationship.

Question 2

If the feedback mechanism raises a red flag, all of the following can be possible adjustments except
 a. change strategy c. change goal
  b. change objective d. change budget


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AmberC1996

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A point estimate is an estimate of the population mean in the form of a single value, usually the sample mean. A confidence interval estimate is a specified range of numbers within which a population mean is expected to lie. It is an estimate of the population mean based on the knowledge that it will be equal to the sample mean plus or minus a small sampling error. The confidence level is a percentage or decimal value that tells how confident a researcher can be about being correct. It states the long-run percentage of confidence intervals that will include the true population mean.

Answer to Question 2

C
The three possible adjustments are to change the strategy and tactics, change the objective, and/or change the budget.


OSWALD

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

alvinum

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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