New Methods for Calculating Confidence Intervals
For statistical modeling and analyses, construction of a confidence interval for a parameter of interest is an important inferential task to quantify the uncertainty around the parameter estimate. For instance, the true average lifetime of a cell phone can be a parameter of interest, which is unknown to both manufacturers and consumers. Its confidence interval can guide the manufacturers to determine an appropriate warranty period as well as to communicate the device reliability and quality to consumers. Unfortunately, exact methods to build confidence intervals are often unavailable in practice and approximate procedures are employed instead.