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In: Statistics and Probability

Previously, we defined a point estimate as a value of a statistic that estimates the value...

Previously, we defined a point estimate as a value of a statistic that estimates the value of a parameter. For example, a sample mean would estimate a population mean. Do you think most people trust point estimates for things that need to be measured? Why or why not? Please cite examples for your reasoning. Looking back over previous examples, how might adding confidence intervals help managers accept the results?

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orchestra answered 2 years ago
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