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A new drug has not been approved by the FDA to sell in the U.S. because further testing is needed. The company has a chance to sell its product in another country immediately to start recovering the costs of R & D and production three years ahead of time. This example places the decision in which of the categories from the text?
Confidence Interval
A confidence interval is a statistical range, based on sample data, meant to estimate the interval within which an unknown population parameter is likely to fall with a given degree of confidence.
Mean Salary
The average amount of remuneration received by employees, calculated by dividing the total salary payment by the number of employees.
Sample
A subset of individuals or observations selected from a larger population for the purpose of statistical analysis.
Hypothesis Test
A statistical method that uses sample data to evaluate a hypothesis about a population parameter.
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