Analysts often plan a simulation so that the confidence interval for the mean of some important output will be sufficiently narrow.The reasoning is that narrow confidence intervals imply more precision about the estimated mean of the output variable.

Question

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Narrow confidence intervals indicate a higher level of precision in the estimation of the mean, as they suggest that the true mean of the output variable is likely to fall within a smaller range of values.

Analysts Often Plan a Simulation So That the Confidence Interval