Purchase Solution

Research Applications: Confidence Intervals, & Point Estimates

Not what you're looking for?

Ask Custom Question

Compare and contrast the use of confidence intervals and point estimates in research applications. Which one or both would be more useful in a business setting? Why? What is the most controllable method of increasing the precision (narrowing) of the confidence interval?

Purchase this Solution

Solution Summary

The solution provides 260 words comparing and contrasting the uses of confidence intervals and point estimates.

Solution Preview

A confidence interval is an interval estimate of a population parameter. Instead of estimating the parameter by a single value, an interval which is likely to include the parameter is given. Thus, confidence intervals are used to indicate the reliability of an estimate.

Point estimate involves the use of sample data to calculate a single value (known as a statistic) which is serve as a "best ...

Purchase this Solution


Free BrainMass Quizzes
Introduction to Finance

This quiz test introductory finance topics.

Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

Learning Lean

This quiz will help you understand the basic concepts of Lean.

Operations Management

This quiz tests a student's knowledge about Operations Management