For planning purposes you estimate that the mean operating costs for the company you work for in 2021 are $180,000 ± $20,000 with 95% confidence. Your supervisor is perplexed because she recalls you told her that the operating costs would be less than $185,000. You explain to her that:

Question

Answer

there is a 95% chance you will have to re-calculate the costs again.

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there is a 5% chance that the results are wrong.

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none of these options.

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95% of these type of results are correct within $20,000.

Crowdly

For planning purposes you estimate that the mean operating costs for the company...

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