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(solution) Hi - what you see below is a response to a discussion question.


Hi - what you see below is a response to a discussion question.  Can you please provide me with a responsible response to it that's simple and easy to understand.


Many people do not ?like? or ?trust? single point estimates for things they need measured.  Looking back at the data examples you have provided in the previous discussion questions on this issue, how might adding confidence intervals help managers accept the results better?  Why?

Ask a manager in your organization if they would prefer a single point estimate or a range for important measures, and why?  Please share what they say.


The issue with single point estimate is that it gives a point estimate. So we can get that the required estimate of the population parameter is that particular value. But in most real life situations, as stated by previous managers, it?s not possible to stick to that value itself.  In production or any manufacturing process the quality is ever changing even by a small amount i.e. there is always some variation present which can?t be controlled and thus the single point estimates are not a good measure. 

By adding confidence intervals to a single point estimate, this makes the results more acceptable by managers because it has more defined data collection.  

I am not working, so can?t ask a manager if they would prefer a single point estimate or a range for important measures, and why.  I can say if I were a manager, I would prefer a range versus a single point since this would allow for some variation and a more realistic collection of data.




The issue with single point estimate is that it gives a point estimate. So we can get that the required estimate of the population parameter is that particular value. But in most real life situations, as stated by previous managers, it?s not possible to stick to that value itself.  In production or any manufacturing process the quality is ever changing even by a small amount i.e. there is always some variation present which can?t be controlled and thus the single point estimates are not a good measure. 

By adding confidence intervals to a single point estimate, this makes the results more acceptable by managers because it has more defined data collection.  

I am not working, so can?t ask a manager if they would prefer a single point estimate or a range for important measures, and why.  I can say if I were a manager, I would prefer a range versus a single point since this would allow for some variation and a more realistic collection of data.




To be sure about my single point estimates, I need to apply hypothesis testing or check if

 

the point estimate lies in the confidence interval. Hence point estimates are not trustable. They

 

are...

 


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