Business Statistics

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Mathematics

Description

250 words. 2 scholary sources. APA Format.

Confidence Intervals (CI) are used when you collect sample data to make a decision for a bigger population. Choose some type of sample data from your own organization or another organization in which you are interested. Describe how confidence intervals might be useful in evaluating the data to make a decision for the bigger population. Specify if you would use confidence intervals for mean or proportion in your discussion.

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Explanation & Answer

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Running head: BUSINESS STATISTICS

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Business statistics
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BUSINESS STATISTICS

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Business statistics

Confidence Interval (CI) is a type of interval estimate parameter that is normally
computed from a set of sample data. It tries to describe how much uncertainty results from a
particular statistic (Richter & Zuwaylif, 1987). From a small sample, we can be able to tell
whether the results reflect what we would expect if the test were done on the entire population.
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