Discuss how knowing the confidence interval for some statistical parameter (typically, but not always, the mean value) can affect the decision-making we conduct around that parameter on engineering projects. What might we do differently as a result of having confidence in a range of values rather than feeling we actually know a specific value?

Respuesta :

When we carry out a Measurement of a population, we take into account different patterns when estimating both the final prediction - to which the projected survey is projected - as well as the quality of said measurement. When such measurement is made, the estimated range of data belonging to an unknown population and which in turn will be included in said measurement must be taken into account. This range is what we know as the Confidence Interval, whose value has generally been standardized at 95%.

The meaning of this Interval is no more than 95% reliability against repeated samples that could alter the final result. The value of the parameter allows you to 'immunize' against these problems. Instead of providing a timely estimate of the parameter of interest, the confidence interval provides an estimate of the parameter interval.

In the event that a specific value is sought in the result or from the sample, and we would like to obtain a range of those parameter values, it is when the Confidence Interval tool is of vital importance, as it will give the required result.

fichoh

The confidence interval gives a specified range within which the population parameter is expected to fall based on the sample data. This means that we only have an estimate based on a certain level of confidence.

Using confidence interval measurement rather than the actual measure means that we need to make up for a certain level of error while using confidence interval estimate for engineering purposes.

The bearing capacity, strength and other engineering parameters would have to be treated like an estimate and not true values, hence, allowing certain adjustments to be made in terms of working with parameters of materials.

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