R G OderwaldBetting on the Confidence Interval
Confidence intervals show our chances of getting a relaible estimate from a cruise. You choose the odds and the stakes. A 95% interval is common, but no confidence interval stands alone. Other equivalent intervals can help narrow the bet and show what the bet really is. Equivalent intervals are easy to find and use.
Betting on the Confidence Interval
- Assess Odds Using Confidence Intervals
- Interpreting Confidence Intervals
- Specified allowable error and odds
- Actual allowable error and odds
- Confidence interval formula
- Margin of error and odds
- Equivalent confidence intervals
- Main Chance and Outside Chance
- Outside Chance: wide intervals with high odds
- Main Chance: narrow intervals with lower odds
- Comparing Main Chance and Outside Chance Intervals
- Using pieces of Main and Outside chance to bet
- Deciding on the bet
- Which Side of The Bet Are You On
- Intervals are two sided, bets are one sided
- Only half of a confidence interval is needed
- Choosing your half
- Improving odds by using one half the interval
- What is success and failure with a confidence interval
- Chances of success and failure
Approved for 6 Class 1 CFE credits by the Society of American Foresters