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What does the z-value in statistics have to do with the level of confidence?
A z-value by itself, has nothing to do with level of confidence.A z-value can be used to calculate probabilities of observing a result that is at least as far from the mean. That probability measure can be used to calculate the level of confidence but you need to be careful about using the one-tailed or two-tailed measures - as appropriate.A z-value by itself, has nothing to do with level of confidence.A z-value can be used to calculate probabilities of observing a result that is at least as far from the mean. That probability measure can be used to calculate the level of confidence but you need to be careful about using the one-tailed or two-tailed measures - as appropriate.A z-value by itself, has nothing to do with level of confidence.A z-value can be used to calculate probabilities of observing a result that is at least as far from the mean. That probability measure can be used to calculate the level of confidence but you need to be careful about using the one-tailed or two-tailed measures - as appropriate.A z-value by itself, has nothing to do with level of confidence.A z-value can be used to calculate probabilities of observing a result that is at least as far from the mean. That probability measure can be used to calculate the level of confidence but you need to be careful about using the one-tailed or two-tailed measures - as appropriate.
Application of statistics in real life?
Statistics is used in many places especially when you are the head of a business and you need to calculate probability and things like that.
How is probability used in business management?
Probability is often used to develop projections, forecasts and budgets.
How is probability used in genetics?
probability is used in genetics to determine the possibilities of offspring having a certain trait
What is the purpose of probability distribution?
A probability distribution links the probability of an outcome in a statistical experiment with the chances of it happening. Probability distributions are often used in statistical analysis.
