« previous next »

Author Question: Compare and contrast confidence intervals and prediction intervals. What will be an ideal ... (Read 46 times)

lindiwe

  • Hero Member
  • *****
  • Posts: 577
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
Buy Test-Bank


bhavsar

  • Sr. Member
  • ****
  • Posts: 351
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

HIV testing reach is still limited. An estimated 40% of people with HIV (more than 14 million) remain undiagnosed and do not know their infection status.

Did you know?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Did you know?

Only 12 hours after an egg cell is fertilized by a sperm cell, the egg cell starts to divide. As it continues to divide, it moves along the fallopian tube toward the uterus at about 1 inch per day.

Did you know?

The B-complex vitamins and vitamin C are not stored in the body and must be replaced each day.

Cultures Ideal Body Types Cultures Ideal Body Types
Factors for Tolerance Intervals Factors for Tolerance Intervals
How lateral inhibition produces contrast enhancement. (Based on Ratliff, 1972.) How lateral inhibition produces contrast enhancement. (Based on Ratliff, 1972.)
Schematic of de novo structure prediction using Rosetta Schematic of de novo structure prediction using Rosetta
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Gray Morris's Calculate with Confidence, Canadian Edition, 2nd Edition Gray Morris's Calculate with Confidence, Canadian Edition, 2nd Edition
Video: Structures that affect circulation - arterioles and vasomotor responses and venous return

For a complete list of videos, visit our video library