What are some real-world applications of confidence intervals?
An example of an AI chatbot conversation about confidence intervals and their applications.
What are some real-world applications of confidence intervals?
Confidence intervals are used in various fields like medicine, finance, and social sciences to estimate population parameters.
Can you give me an example in healthcare?
Sure! In clinical trials, confidence intervals help determine the effectiveness of a new drug by estimating the range of possible outcomes.
How about in business?
In business, confidence intervals can be used in market research to estimate customer satisfaction levels based on survey data.
Are there any limitations to using confidence intervals?
Yes, confidence intervals can be misleading if the sample size is too small or if the data is not normally distributed.
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