Confidence Interval for the Mean of a Bounded Random Variable and Its Applications in Point Estimation
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In this article, we derive an explicit formula for computing confidence interval for the mean of a bounded random variable. Moreover, we have developed multistage point estimation methods for estimating the mean value with prescribed precision and confidence level based on the proposed confidence interval.
💡 Research Summary
The paper addresses the problem of constructing confidence intervals for the mean of a random variable that is known to lie within a finite interval (
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