On to week 4! At this point, we are about halfway through the class and hopefull

Question

On to week 4! At this point, we are about halfway through the class and hopefully the concepts are starting to come together for you. This week, we will be learning to differentiate calculating confidence intervals from odds and probability, describing the limitations of the study design used in a research article, and interpreting confidence intervals. To support the learning objectives for this week, you will have th ssignments. ree . 4-1 Journal: Understanding Confidence Intervals You will be expl loring confidence intervals by comparing and contrasting them with gambling. Please type your journal entries directly into the entry box. As with last week's journal, this week's journal includes in the rubric the "Personal or Professional Situations" criteria, so make sure you are linking the topic of the journal entry (confidence intervals) to examples or ideas from your personal or professional life. 4-2 Worksheet: Key Findings and Limitations of a Similar Study This week, you will be completing a worksheet on the REFERENCE ARTICLE listed underneat the Final Project Articles List. Make sure y r primary article in are using the corredt

Explanation / Answer

we know that the confidence interval of mean is given as

mean +- z*sd/sqrt(n) , we get the range of the confidence interval as

mean - z*sd/sqrt(n)

mean + z*sd/sqrt(n)

so we calculate this at a confidence level , say 95% . This mean that we are 95% confident that the true value of the mean lies in the interval

mean - z*sd/sqrt(n) and mean + z*sd/sqrt(n)

A confidence interval is an indicator of your measurement's precision. It is also an indicator of how stable your estimate is, which is the measure of how close your measurement will be to the original estimate if you repeat your experiment

while in gambling , there is no confidence included , each outcome is equally likely. The predicted average gain or loss is called expectation or expected value and is the sum of theprobability of each possible outcome of the experiment multiplied by its payoff (value). Thus, it represents the average amount one expects to win per bet if bets with identical odds are repeated many times

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