Please help with the following problem.
Describe a business situation that you have had or might face that will benefit from the use of confidence intervals?© BrainMass Inc. brainmass.com June 3, 2020, 10:29 pm ad1c9bdddf
We also teach confidence intervals as a desirable alternative to formal hypothesis testing in most cases. Another way of performing the degree of improbability in an estimate of the effect of an intervention is through confidence intervals. Suppose that you do a study where people taking a program improve their knowledge score by an average of five points. It could be that the program is actually useless but just by chance this apparent benefit is found. Otherwise the program may really be worth more than a five point development; but by chance you happen to underestimate the real benefit. In other words, the real benefit of the program might be higher or lower than the observed value of five points. An obvious question is how much higher or ...
This response provides a situation in which the use of confidence intervals will be beneficial.