4-1 Journal: Understanding Confidence Intervals

How Calculating Confidence is Similar to Gambling
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How Calculating Confidence Interval is Similar to Gambling
Confidence Interval in statistics refers to the chance or probability that a result will fall within a hypothesized value. The value may be one or a range of numbers. In most cases, people prefer to use a confidence level of 95%, also known as the success rate (Gibbon & Subhabrata, 2014). Statistical inference is one of the sure ways of interpreting the confidence interval. On the other hand, gambling mathematics refers to the use of probability in games of chance and is similar to calculation of confidence level, as it works with a space of events to determine the probability. From a personal objective, the two concepts are similar since they are both based on experimentation. The results are normally unknown, so a certain level of risk is involved (Pelletier & Ladoceur, 2007).
I also think another similarity between the two concepts includes using only one sample. It is vital that calculation does not go beyond the sample quantity since it can alter the end results. Gambling probability only deals with the numbers on the board to avoid calculation and inevitably a loss of funds. Th...