Rather than a single probability estimation we might benefit from an estimation of the worst-case scenario and the best-case scenario. Properly constructed, we can say that the actual probability estimate lies somewhere between these two values. This range of values is referred to as a ________.
A) probability estimation
B) t-test
C) logical probability
D) confidence interval

Question

Quizplus · Accepted Answer

A confidence interval provides a range of values that, with a certain level of confidence, is believed to contain the true value of an unknown parameter. In the context of probability estimation, stating that the actual estimate lies between a worst-case and best-case scenario aligns with the concept of a confidence interval, which encompasses a spectrum of possible outcomes within specified limits.

Rather Than a Single Probability Estimation We Might Benefit from an Estimation