That’s why I'm rather fond of confidence intervals. They allow you to assess these important characteristics along with the statistical significance. You'd like to see a narrow confidence interval where the entire range represents an effect that is meaningful in the real world. Many companies in different fields use this method and seem to have much success using it to comb thought significant amounts of data. My research has shown me that confidence intervals for the most part are misunderstood and because of that misunderstanding they are misused misinterpreted. With this method of testing I believe the pros outweigh the cons. Imagine that you are trying to find out how many Americans have taken at least two weeks of vacation in the past year. You could ask every American about his or her vacation schedule to get the answer, but this would be expensive and time consuming. To save time and money, you would probably survey a smaller group of American’s. However, your finding may be different from the actual value if you had surveyed the whole population. That is, it would be an estimate. Each time you repeat the survey, you would likely get slightly different
That’s why I'm rather fond of confidence intervals. They allow you to assess these important characteristics along with the statistical significance. You'd like to see a narrow confidence interval where the entire range represents an effect that is meaningful in the real world. Many companies in different fields use this method and seem to have much success using it to comb thought significant amounts of data. My research has shown me that confidence intervals for the most part are misunderstood and because of that misunderstanding they are misused misinterpreted. With this method of testing I believe the pros outweigh the cons. Imagine that you are trying to find out how many Americans have taken at least two weeks of vacation in the past year. You could ask every American about his or her vacation schedule to get the answer, but this would be expensive and time consuming. To save time and money, you would probably survey a smaller group of American’s. However, your finding may be different from the actual value if you had surveyed the whole population. That is, it would be an estimate. Each time you repeat the survey, you would likely get slightly different