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Using Statistics for Better Business Decisions by Bert G. Wachsmuth, Justin Bateh

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Chapter 5

Estimation

Preview: Estimation is an important concept to understand no matter what field you work in. Estimating outcomes may seem like a simple matter, but it is actually a complicated process. In order to create an accurate estimation, it is important to not only gather the right information but also to make the proper inferences from that data. The sample size plays a role here as well and can have a profound impact on the accuracy of the estimate: a large sample size yields better estimates than a small one. We will provide our estimates in the form of confidence intervals, which in turn come with a margin of error. If you have ever reviewed polling data for a presidential election, you know that all of those polls report a margin ...

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