VC Confidence vs Precision Discussion – Question Description
I’m working on a statistics discussion question and need guidance to help me learn.
Our text describes a trade-off that we must make as engineers between our confidence in the value of a parameter versus the precision with which we know the value of that parameter. That trade-off might be affected by whether we are looking at a two-sided or bounded (one-sided) interval.
Discuss your interpretation of the confidence-precision trade-off, and provide a few examples of how you might make a choice in one direction or the other in an engineering situation.
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