QNT 561 The Payment Time Case.docx - The Payment Time Case...

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The Payment Time Case Lluvia Garcia QNT 561 October 22, 2018 Professor Von Worley
The Payment Time Case The 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 population or 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 the sample size, as a bigger sample size will give more accurate

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