Question

1. Please describe briefly (in approximately 50 words each) three distinct scenarios where one or more of the confidence Interval tools that we covered would play a useful role. For each scenario, please define 1) the population(s), 2) the sample), 3) the parameter of interest, 4) margin of error and 5) explain how/why confidence intervals would be helpful.

Answer 1

Solution :

1) Population : According to the statistics the population term is defined as it includes all the members of a defined group that we are collecting or studying the information of data driven decisions

2) Sample : It is a subset of population and is the set of values actually use in estimation

3) The Parameter of interest : The parameter is known as any summary number like an average or percentage, that describes the entire population .

4) Margin of error : The margin of error is a statistic expressing the amount of random sampling error in a surveys results . It is defined as the radius of a confidence interval for parameter

5) Confidence interval : It represents the range of scores that are likely if we were to repeat the survey ,Hence the confidence intervals is important.