(Step-by-Step) DQ3: P ART A: The use of sample information to draw conclusions about the population is known as inferential statistics . Estimation is a branch


Question: DQ3: P ART A: The use of sample information to draw conclusions about the population is known as inferential statistics . Estimation is a branch of inferential statistics, where based on known sample statistics, we will be making estimates involving the (unknown) values of population parameters. One of the most common types of inferences is to construct what is called a confidence interval.

Identify an example or examples from the workplace that illustrate the benefits of using confidence interval estimation, in particular as applied to solving marketing or other business problems?

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