Confidence Intervals

“Confidence Intervals” (Note: Please respond to one [1] of the following two [2] bulleted items)

The vast majority of the world uses a 95% confidence in building confidence intervals. Give your opinion on why 95% confidence is so commonplace. Justify your response.
Read the article on “How Confidence Intervals are Used In Business” (http://smallbusiness.chron.com/confidence-interval-affects-business-22021.html.) Provide one example of how a confidence interval could be used in a business, sports, health care, political, etc. environment. Please identify a level of confidence in your example (.90, .95, .99). Please explain in your response what concerns you would have using the confidence interval as a valid estimator of a population parameter and how you would go about addressing those concerns.

preview of the answer..

When using a certain confidence interval, the researcher represents the value that the researcher is trying to approximate using a range of values and how confident the researcher thinks those values are within that range. The 95% indicates the researcher confidence that his interval encompasses the population mean. The percentage of such interval which encompass the actual value of the sample will be the same the given confidence level given that the confidence interval is established through many different data analyses of reproduced tests (Altman et al., 2013). If a researcher indicates that he is 95% confident that the actual value of the parameter is his confidence level, he is expressing that 95% of the…

APA 332 words