What are some real-world examples of confidence intervals?
An example of an AI chatbot conversation about real-world applications of confidence intervals.
What are some real-world examples of confidence intervals?
Confidence intervals are used in various fields. For instance, in healthcare, they help estimate the effectiveness of a new drug.
Can you give me another example?
Sure! In polling, confidence intervals indicate the range within which the true opinion of the population likely falls.
How do confidence intervals affect decision-making?
They provide a range of values that help decision-makers understand the uncertainty and variability in their estimates.
Are there any examples in business?
Yes! Businesses use confidence intervals to analyze sales forecasts and assess the reliability of their market research.
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