What do we mean by mean, variance and confidence interval?
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What do we mean by mean, variance and confidence interval?
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Solution Summary
Explains in simple english (for easy understanding) the meaning of mean, variance and confidence interval. No mathematics or formula is used to keep it simple and specific.
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We have two measures of a distribution: Central tendency and dispersion. The mean is a measure of central tendency. It measures the average length of the bolt. The variance is a measure of dispersion. It measures how the lengths of the bolts are distributed around the mean value.
A lower variance means that the ...
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