4-1 Journal: Understanding Confidence Intervals
For your journal entry, discuss how calculating a confidence interval is similar to or different than gambling.
For the journal entries in this course, you will be relating course concepts to your own personal experiences, sharing personal opinions and viewpoints, and
engaging with course concepts and materials at a deeper, more reflective level. Approach these activities as (a) an opportunity to reflect upon and apply what
you learn each week, and (b) an opportunity to share your knowledge and expertise based on your educational and professional experiences in the past.
Prompt: For each journal entry, the following critical elements must be met:
Fulfills all requirements in the individual prompt
Provides relevant application of course concepts
Supports ideas and observations with examples from personal or professional situations
Guidelines for Submission: Each journal entry should be 1 to 2 paragraphs in length
How Calculating Confidence is Similar to Gambling
Student’s Name
University Affiliation
How Calculating Confidence Interval is Similar to Gambling
Confidence Interval in statistics refers to the chance or probability that a result will fall within a hypothesized value. The value may be one or a range of numbers. In most cases, people prefer to use a confidence level of 95%, also known as the success rate (Gibbon & Subhabrata, 2014). Statistical inference is one of the sure ways of interpreting the confidence interval. On the other hand, gambling mathematics refers to the use of probability in games of chance and is similar to calculation of confidence level, as it works with a space of events to determine the probability. From a personal objective, the two concepts are similar since they are both based on experimentation. The results are normally unknown, so a certain level of risk is involved (Pelletier & Ladoceur, 2007).
I also think another similarity between the two concepts includes using only one sample. It is vital that calculation does not go beyond the sample quantity since it can alter the end results. Gambling probability only deals with the numbers on the board to avoid calculation and inevitably a loss of funds. Th...
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