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💬Week 4: Confidence Interval Concept
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Purpose of Assignment
Confidence intervals are used to estimate the range of values within which the true population parameter is likely to fall.
The purpose of this discussion is to demonstrate the importance of understanding confidence intervals in survey or poll results and how they impact the interpretation of the data. It also helps to develop critical thinking skills in evaluating the reliability and significance of survey or poll results.
Example: According to the US Census (2022), A confidence interval is a range of values that describes the uncertainty surrounding an estimate. We indicate a confidence interval by its endpoints; for example, the 90% confidence interval for the number of people, of all ages, in poverty in the United States in 1995 (based on the March 1996 Current Population Survey) is “35,534,124 to 37,315,094.” A confidence interval is also itself an estimate. It is made using a model of how sampling, interviewing, measuring, and modeling contribute to uncertainty about the relation between the true value of the quantity we are estimating and our estimate of that value.
Tasks
Review the assigned reading to prepare for this discussion.
Lesson: Confidence Interval (Large and Small sample sizes)
REVIEW
Understanding Confidence Intervals: Statistics HelpLinks to an external site.
Confidence Interval in Statistics | Confidence Interval formula | Confidence Interval exampleLinks to an external site.
RESPOND
Scenario: Customer Satisfaction Survey at TechGuru Electronics
Background: TechGuru Electronics, a company specializing in consumer electronic goods, has recently launched a new line of smart home products. To gauge market reception and customer satisfaction, TechGuru conducted a survey among customers who purchased these products in the last three months.
Survey and Data Collection:
Customer Satisfaction Ratings: Customers were asked to rate their satisfaction on a scale of 1 to 10. A large number of responses have been collected.
Demographic Variability: The survey responses include a diverse demographic in terms of age, location, and tech-savviness.
Product Usage Patterns: Customers also provided information on how frequently and for what purposes they use their smart home products.
Feedback on Specific Features: The survey included questions about specific features of the products, such as ease of use, connectivity, and design.
Post-Purchase Support Satisfaction: Customers rated their satisfaction with the customer support they received post-purchase.
Student’s Task:
In your initial post, analyze the scenario at TechGuru Electronics and explore the role of confidence intervals in the context of this customer satisfaction survey. Consider how confidence intervals can be used to understand:
The overall customer satisfaction level with the new product line.
Variations in satisfaction across different demographic groups.
Reliability of the feedback on specific product features.
Customer satisfaction with post-purchase support services.
Discuss how the application of confidence intervals could assist TechGuru in making informed business decisions, enhancing product features, and tailoring their marketing and customer service strategies.
Requirements
Initial Post: 125 words minimum
APA formatting
Initial post is due on Thursday
Citation Requirement: Minimum of one scholarly, peer-reviewed source properly cited and referenced.The textbook can be used as a reference.
Online sources (e.g., Wikipedia, blogs, vlogs, online magazines) are not scholarly or authoritative sources.
Industry-related, authoritative sources are acceptable
See the grading rubric for specific guidelines regarding scoring
DISCUSS
Post at least two substantive responses to your colleagues. Responses could include suggestions for further resources, questions of clarification, or providing context and insight. Avoid simple posts of agreement; if you agree, explain why, and then thoughtfully further the conversation. It is important to include at least a professional reference/resource (Not Wikipedia) and provide valid examples as needed.
Requirements for replies
Response to peers: 100 words minimum
Respond to a minimum of two posts
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