Confidence Interval interpretation with reasoning
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A delivery truck manager takes a sample of 25 delivery trucks and calculates the sample mean and deviation for the cost of operation. A 95% confidence interval for the mean cost is constructed and found to be $253 to $320. He reasons that this interval contains the mean operating cost for the fleet of delivery trucks since the sample mean is contained in the interval.
a. Do you agree with his reasoning?
b. How would you interpret this confidence interval?
c. Is this an appropriate use of a confidence interval?
d. How does this apply or could apply to your workplace or home?
e. How does this apply or could apply to your daily use, business use, or personal use?
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This solution is comprised of a detailed explanation of Confidence Interval and use of statistics in our daily life. In this solution, all the possible explanation of this complicated topic provides students with a clear perspective of confidence interval.
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A delivery truck manager takes a sample of 25 delivery trucks and calculates the sample mean and deviation for the cost of operation. A 95% confidence interval for the mean cost is constructed and found to be $253 to $320. He reasons that this interval contains the mean operating cost for the fleet of delivery trucks since the sample mean is contained in the interval.
a. Do you agree with his reasoning?
Answer:
I do not agree with his reasoning because the sample mean always lies within this interval but we need the population mean to be in this interval. So if he ...
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