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Running head: THE PAYMENT TIME CASE1The Payment Time CaseAlicia WithamQNT/56107/30/2018Robert Kalle
THE PAYMENT TIME CASE2The Payment Time CaseThe term confidence interval was introduced by Jerzy Neyman in one of his statistical studies. Confidence interval is a statistic estimate that helps us to give a range of probability or a range of approval for some unknown value based on the results from a sample. Most people use the 95% confidence in building the confidence interval. Therefore, the confidence interval is the most appropriate in a statistical sample in determining the sample of a population or items. First, “the 95% confidence interval provides range of value with a known probability of the populationor the items at hand and you can have 95% assurance of the claim to be true” (Rumsey, 2007).It also allows a bigger interval, that is, researchers can obtain the point estimate and also the confidence level, therefore, one is able to find a true or acceptable value during particular research from different samples. With the 95% confidence interval, this allows for more confidence that results in a certain sample taken is true. Also, it clearly shows the importance of