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IrinaVladis [17]
3 years ago
12

Consider the statement, "Confidence intervals are underutilized" and explain what the implications might be of using or not usin

g confidence intervals.
Mathematics
1 answer:
nataly862011 [7]3 years ago
6 0

Answer:

Step-by-step explanation:

Confidence intervals have been underutilized prior to this time.

The implications of not using confidence intervals include:

- The under-representation or over-representation of research results that amounts from the use of a single figure to represent a statistic.

- In Market Research analysis, neglecting the use of confidence intervals will increase the risk of your portfolio.

Implications/Importance of using confidence intervals include:

- Calculation of confidence interval gives additional information about the likely values of the statistic you are estimating.

- In the presentation and comprehension of results, confidence intervals give more accuracy from the data or metrics captured.

- Given a sample mean, confidence intervals show the likely range of values of the population mean.

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Lady_Fox [76]

Answer:

0.0838 = 8.38% probability of obtaining a sample proportion less than 0.5.

Step-by-step explanation:

To solve this question, we need to understand the normal probability distribution and the central limit theorem.

Normal Probability Distribution

Problems of normal distributions can be solved using the z-score formula.

In a set with mean \mu and standard deviation \sigma, the z-score of a measure X is given by:

Z = \frac{X - \mu}{\sigma}

The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the p-value, we get the probability that the value of the measure is greater than X.

Central Limit Theorem

The Central Limit Theorem establishes that, for a normally distributed random variable X, with mean \mu and standard deviation \sigma, the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean \mu and standard deviation s = \frac{\sigma}{\sqrt{n}}.

For a skewed variable, the Central Limit Theorem can also be applied, as long as n is at least 30.

For a proportion p in a sample of size n, the sampling distribution of the sample proportion will be approximately normal with mean \mu = p and standard deviation s = \sqrt{\frac{p(1-p)}{n}}

Proportion of 0.6

This means that p = 0.6

Sample of 46

This means that n = 46

Mean and standard deviation:

\mu = p = 0.6

s = \sqrt{\frac{p(1-p)}{n}} = \sqrt{\frac{0.6*0.4}{46}} = 0.0722

Probability of obtaining a sample proportion less than 0.5.

p-value of Z when X = 0.5. So

Z = \frac{X - \mu}{\sigma}

By the Central Limit Theorem

Z = \frac{X - \mu}{s}

Z = \frac{0.5 - 0.6}{0.0722}

Z = -1.38

Z = -1.38 has a p-value of 0.0838

0.0838 = 8.38% probability of obtaining a sample proportion less than 0.5.

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