Select one (1) project from your working or educational environment in which you would use the confidence interval technique for the process. Next, speculate on one to two (1-2) challenges of utilizing such a technique in the process and suggest your strategy to mitigate the challenges in question .
A confidence interval (CI) is used to refer to the uncertainty amount that is associated with a given population estimate of a true population. The project in my educational environment that the use of the confidence interval technique will come in handy is the one where I aim at determining the average age of the individuals suffering from diabetes in Chicago. In this case, while there is a true answer of say 25 years old, the best that I can do is find an interval within which the true answer lies, and this could be 20-30 years of age. The confidence interval refers to the sample mean plus or minus ME (the margin of error), and it is used to determine the upper and lower limits of the sample statistic. For my case, the upper limit is 30, and the lower limit is 20.
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The main challenge that I am likely to face using the confidence interval technique in my project is the increasing need for accuracy and the smaller samples that result from the reducing market research budgets. The good thing is that this limitation does not mean an impossibility. I will strive to understand better h ow to interpret confidence intervals to increase the accuracy of the technique.
Response to Peer Answers
Alison
Alison has started the discussion with a definition of what a confidence interval, and she explains its applications, which is a good start to any academic discussion. It is impressive that she has given the details of how this technique is applicable in her company of choice (Apple), and she gives an analysis of the figures. Not only has the student looked into a company that uses the confidence interval technique, but they have also touched on a project in which they hope to apply the technique, and this is a good touch to the paper.
William
William chose to respond to the second question that touches on the project from his working or educational environment in which he would use the confidence interval technique for the process. The student begins by giving a background of where he works to lay a foundation for the need to use the confidence interval technique. I was impressed by the depth of the detail that the student provides, especially when listing the challenges that they anticipate. He also does a good job discussing the manner in which they will mitigate the problems.
References
Smithson, M. (2002). Confidence intervals (Vol. 140). Sage Publications.
