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In business, we often use inferential statistics and inductive reasoning. Simply, we take specific pieces of information from a sample and attempt to generalize them
In business, we often use inferential statistics and inductive reasoning. Simply, we take specific pieces of information from a sample and attempt to generalize them to a broader population. We "do this" by using Confidence Intervals (CI).
Provide two real-world example where a business would use CI estimations to report data analysis results, and why this would be effective
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