Question

In: Statistics and Probability

1. Everyone likes to be 100% certain with results. Why can't you be 100% certain with...

1. Everyone likes to be 100% certain with results. Why can't you be 100% certain with confidence intervals?

2. Discuss the pros and the cons of using a higher level of confidence. For example if you can't be 100% certain, what would be the benefit and the disadvantage of using 99% or even 99.9%?  

3. How should you decide what level to use? Are there times when one level might be more appropriate than the other?

Solutions

Expert Solution


Related Solutions

-Why can't we be certain that the Andromeda Galaxy exists today? -How do sound and light...
-Why can't we be certain that the Andromeda Galaxy exists today? -How do sound and light waves differ? -What is the frequency of a radio wave that has a wavelength of λ = 100 m? -Which of these is the same for all forms of electromagnetic (EM) radiation in a vacuum (i.e., empty space)? wavelength, frequency, velocity, photon energy -Which of these is emitted when an electron falls from a higher to lower orbital? another electron, a positron, a neutrino,...
1. why can't A+ donate to A-? 2. why can A- donate to A+? 3. why...
1. why can't A+ donate to A-? 2. why can A- donate to A+? 3. why can't O+ donate to B-? 4. why can't B+ donate to AB-?
1) what happens during the interphase of the cell cycle? 2) why can't you see the...
1) what happens during the interphase of the cell cycle? 2) why can't you see the chromosome during interphase of the cell cycle ?
Your company gives everyone who applies to your company a proficiency test. Your boss likes to...
Your company gives everyone who applies to your company a proficiency test. Your boss likes to hire people who fall in the "average" range. They feel that people who score exceptionally high on the test are more likely to leave for a better job, and people who score very low are not productive enough. The average score on the proficiency test is 750 with a variance of 400. Your boss tell you to exclude the top 14% and the bottom...
Running laps: This is C++ Programming Coding Language Everyone likes running laps in gym class right?...
Running laps: This is C++ Programming Coding Language Everyone likes running laps in gym class right? There are 5 objectives and 20 points each. Please indicate in code (or comments) where each objective begins and ends. It may be prudent to place each objective in it's own function. In this lab you will be reading in a file of student results. The students each ran 3 laps in a race and their times to complete each lap are posted in...
There is an old business saying, "If you can't measure it, you can't manage it."   ...
There is an old business saying, "If you can't measure it, you can't manage it."    Companies set standards for how much time, material, overhead and prices are needed to complete a product for the market. What are your experiences or insights in 1) how these standards are established, 2) who determines what the standards should be, and finally 3) what examples of performance measurement can you think of that is difficult or impossible to accurately determine?
the end of the telomere can't be replicated. Why is that?
the end of the telomere can't be replicated. Why is that?
Why can't you assume that a company is financially healthy and liquid if it has positive...
Why can't you assume that a company is financially healthy and liquid if it has positive cash flow?
Explain in words and/or pictures why you can't use the same formula to find the distance...
Explain in words and/or pictures why you can't use the same formula to find the distance between a point and a line and the distance between a point and a plane. The answer should include each formula. Thanks in advance
Hi! I kep trying this question and can't get it right. At a certain temperature, the...
Hi! I kep trying this question and can't get it right. At a certain temperature, the equilibrium constant for the following chemical equation is 2.90. At this temperature, calculate the number of moles of NO2(g) that must be added to 2.73 mol of SO2(g) in order to form 1.30 mol of SO3(g) at equilibrium. SO2(g) + NO2(g) ----> SO3 (g) + NO (g) Answer in mol NO2
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT