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Posted: January 28th, 2022
Did you know confidence intervals are also used to project reliability in consumer products?essay
Did you know confidence intervals are also used to project reliability in consumer products? We use confidence intervals in our daily lives, from consumer ratings to election projections. Seeing this data help us make decisions on the best option to choose. If, for example, one brand of refrigerator has a 17% chance of needing repair in the first three years. A different brand may have a 3-year repair rate of 19%. If a footnote says “differences of more than 4% are meaningless,” we can conclude that the repair rates really are not that different! However, any refrigerator with a repair rate more than 4% higher than 17% is more likely to need repair in the next three years.
For this discussion, locate a confidence interval that you have used in your work or professional life.
Provide a link to the data and respond to the following questions.
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How did this data help in your decision-making process?
If you had the choice to make that decision again, would you make the same decision and why?
Your paper should be three paragraphs in length. Use current Ace homework tutors – APA formatting to cite your sources.
Confidence intervals are also used to predict product reliability in consumer goods. From consumer evaluations to election projections, we employ confidence intervals in our daily lives. Having access to this information allows us to make better decisions about which alternative to pursue. If one brand of refrigerator, for example, has a 17 percent risk of requiring repair during the first three years. A different brand can have a 19% repair rate after three years. We can conclude that the repair rates are not very different if a footnote reads “differences of greater than 4% are meaningless.” Any refrigerator with a repair rate of more than 4% higher than 17% is more likely to require service within the following three years.
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