Question 757740: You have produced a confidence interval for your supervisor, and she says, "This interval is too wide to be of any practical value." What ae your options for producing a narrower interval in the next study of this same type? Which optioin would you choose if the study might have consequences that are vital to the future of the firm?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! You have produced a confidence interval for your supervisor, and she says, "This interval is too wide to be of any practical value." What ae your options for producing a narrower interval in the next study of this same type?
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Since the width of the CI is ALWAYS 2*(the margin of error)
and, since the length of ME inversely related to the sample size,
increase the sample size so the CI will be narrower.
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cheers,
Stan H.
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Which option would you choose if the study might have consequences that are vital to the future of the firm?
Get a larger sample.
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Cheers,
Stan H.
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