BUS 308 Week 5 Discussion 1

Part One – Confidence IntervalsRead Lecture Thirteen. Lecture Thirteen introduces you to confidence intervals. What is a confidence interval, and why do some prefer them to single point estimates? Ask your manager what is preferred and why? What are the strengths and weaknesses of using confidence intervals in making decisions? (This should be started on Day 1.)Part Two – Chi SquareRead Lecture Fourteen. As Lecture Fourteen notes, the chi-square test is—in some ways—fundamentally different than the previous tests we have looked at. In what ways and why is this approach important? Examples were shown of gender-degree distributions and employees per grade. How do these tests help with understanding our equal pay for equal work question? Do they change or reinforce our decision from last week? What situations in your personal or professional lives could use a chi-square approach? (This should be started on Day 3.)Part Three – Overall ReactionsHas your opinion about statistics changed? How can statistical analysis help your professional career? (This should be completed by Day 5.)Your responses should be separated in the initial post, addressing each part individually, similar to what you see here.Guided Response: Review several of your classmates’ posts, and respond to at least two of your peers by 11:59 p.m. on Day 7 of the week. You are encouraged to post your required replies early during the week to promote more meaningful interactive discourse in the discussion.