4-1 Journal Understanding Confidence Intervals PDF

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Describe confidence intervals and if it is similar to gambling....

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Aysia Poupart 4-1 Journal: Understanding Confidence Intervals IHP-340 Stats-Healthcare Professionals Southern New Hampshire University

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Discuss how calculating a confidence interval is similar t or different than gambling.

Confidence interval is a range of plausible values interpreted for an interval estimate. Computed from a sample, that has a predetermined chance of capturing the value of the population parameter and proportion of all samples. The success rate is known as the confidence level. Confidence intervals in statistics refer to the chance or probability that a result will fall within that estimated value. Often using the 95% interval. Gambling is mathematics of probability applications in games of chance. Like confidence interval because they both try to conclude a probability or chance of an event. When gambling the 95%, can be used since there is only a chance of winning more than you spend. You want to lower your risk of losing depending on the game being played when gambling....