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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14-11-2022
Mathematics

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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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qwdeeppink qwdeeppink · Answer 1 · 2022-11-16T11:14:48-05:00

To boost the level of trust in the forecasted values, a balancing point must be attained.

The two phrases confidence interval and precision are intended to provide an accurate estimate of an object's measurability. We can compromise on the confidence level if the precision rises, but if the confidence level rises, the precision of the anticipated value likewise deteriorates.

Therefore, a balance point between these two variables must be reached in order to improve our confidence in the numbers being forecasted without compromising an accurate evaluation of accuracy. ensuring that accuracy and confidence are both upheld.

Learn more about forecasted values at

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