When the Sample Size Is Small, Confidence Intervals for a Population

question 9

True/False

When the sample size is small, confidence intervals for a population proportion are more reliable
when the population proportion p is near 0 or 1.

---

Definitions:

Payoff Table

A decision-making tool used in business and economics to display the outcomes (or payoffs) of different strategies or decisions under various states of nature.

Expected Value Criterion

Represents a decision-making approach that utilizes the weighted average of all possible outcomes, considering the probabilities of each outcome to assess the best decision under uncertainty.

EVPI

Expected Value of Perfect Information, a concept in decision theory that quantifies how much a decision maker would be willing to pay for information that would lead to a perfectly informed decision.

Decision Tree

A graphical representation of choices and their potential outcomes, including chance event outcomes, resource costs, and utility.