Investigating the Potential Outcomes When Estimates Turn Out to Be

question 7

True/False

Investigating the potential outcomes when estimates turn out to be incorrect is known as "what-if analysis."

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Definitions:

Confidence Interval

A range of values, derived from statistical analysis, that is likely to contain the true parameter value.

Sample

A subset of a population selected for measurement, observation, or questioning to provide data for analysis.

Mean

A mathematical term that represents the sum of values in a dataset divided by the number of values, serving as a measure of central tendency.

Standard Deviation

An index showing the degree of spread or variability among a collection of numbers.