Please respond to one (1) of the following two (2) bulleted items: • The vast ma

Question

Please respond to one (1) of the following two (2) bulleted items: • The vast majority of the world uses a 95% confidence in building confidence intervals. Give your opinion on why 95% confidence is so commonplace. Justify your response. • Construct a hypothetical 95% confidence interval for a hypothetical case of your choosing. Use your own unique choice of mean, standard deviation, and sample size to calculate the confidence interval. Select one (1) option provided below and analyze how it will influence your confidence interval: • The confidence changes to 90%. • The confidence changes to 99%. • The sample size is cut in half. • The sample size is doubled. • The sample size is tripled.

Explanation / Answer

95% confidence means there are chances of 5% error. There are two types of error in statistics namely Type I error and Type II error.

Rejecting the null hypothesis when it is in fact true is called a Type I error. Thus The significance level is the probability of making the wrong decision when the null hypothesis is true.

Not rejecting the null hypothesis when in fact the alternate hypothesis is true is called a Type II error.

We fix the type I error because it is more crucial than type II error.

The relationship between type I error and type II errors are

This is based on the type I error. If we fixed type I error at some point there are fix chances of making Type I error now. By fixing type I error, we are reducing type II error.

So the standard is to fix the type I error at 5% so that type II error can be reduced as much as we can.

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