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Unformatted text preview: prediction or decision about a population based on sample data. May not always be correct. As a result, we have built into the statistical inference a couple of measures of reliability. Confidence level-the proportion of times that an estimating procedure would be correct, if the sampling procedure were repeated a very large number of times. Significance level-how frequently the conclusion will be wrong in the long run. Make sure you read Appendix 1.A and 1.B (pages 9-14). It explains how to get started with Excel....
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