I need assitance answering this discussion post.
Part One – Confidence
Read Lecture Thirteen. Lecture Thirteen introduces you to confidence intervals. What is a confidence interval, and why do some prefer them to single point estimates? Ask your manager what is preferred and why? What are the strengths and weaknesses of using confidence intervals in making decisions? (This should be started on Day 1.)
Part Two – Chi Square
Read Lecture Fourteen. As Lecture Fourteen notes, the chi-square test is—in some ways—fundamentally different than the previous tests we have looked at. In what ways and why is this approach important? Examples were shown of gender-degree distributions and employees per grade. How do these tests help with understanding our equal pay for equal work question? Do they change or reinforce our decision from last week? What situations in your personal or professional lives could use a chi-square approach? (This should be started on Day 3.)
Part Three – Overall Reactions
Has your opinion about statistics changed? How can statistical analysis help your professional career? (This should be completed by Day 5.)
Your responses should be separated in the initial post, addressing each part individually, similar to what you see here.
In your responses, include one additional strength and weakness of using confidence intervals in decision-making that your classmates did not include in their Part One responses. Then, evaluate their descriptions of using chi squares. Do you agree with their assessments as to why chi squares are important and applicable? Explain why or why not. Lastly, describe any commonalities you see between your classmates’ opinion on statistics after finishing this course and your own opinion. Can you think of another example of how statistics can help your classmates in their professional careers? If so, include it in your response.
Part One – Confidence Intervals
In statistics, we would like to estimate population parameters by using the observed data sample.
A confidence interval gives us an estimated range…