BACHELOR OF BUSINESS ADMINISTRATION

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BUSINESS ADMINISTRATION

BUSINESS ANALYTICS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The ____ is an indication of how frequently interval estimates based on samples of the same size taken from the same population using identical sampling techniques will contain the true value of the parameter we are estimating.
A
residual
B
tolerance factor
C
confidence level
D
accuracy level
Explanation: 

Detailed explanation-1: -In statistics, a confidence interval (CI) is a particular kind of interval estimate of a population parameter and is used to indicate the reliability of an estimate.

Detailed explanation-2: -A confidence interval is an interval of values computed from sample data that is likely to include the true population value.

Detailed explanation-3: -A confidence interval for a population mean with a known standard deviation is based on the fact that the sampling distribution of the sample means follow an approximately normal distribution. Suppose that our sample has a mean of x-x-= 10, and we have constructed the 90% confidence interval (5, 15) where EBM = 5.

Detailed explanation-4: -A larger sample size or lower variability will result in a tighter confidence interval with a smaller margin of error. A smaller sample size or a higher variability will result in a wider confidence interval with a larger margin of error. The level of confidence also affects the interval width.

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