What Is the Value Of $\alpha$ Used in Describing the Confidence Interval Shown Below

question 64

Multiple Choice

What is the value of $\alpha$ used in describing the confidence interval shown below.

• A) 0.01
• B) 0.02
• C) 0.04
• D) 0.05

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Definitions:

Value Engineering

A systematic method to improve the "value" of goods or products and services by using an examination of function.

Value Analysis

A systematic assessment to reduce costs while maintaining or improving performance and quality in products or processes.

Reasonable Profit

A profit margin that is considered fair and acceptable, taking into account the costs of goods sold, operating expenses, and market standards.

Proper Quality

The condition of a product or service meeting the expected and required standards, often to satisfy customer needs or comply with regulations.