Question

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

Answer 1

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.