Course  

MATH 534 Applied Managerial Statistics

Week 4 Discussion: Confidence Intervals in Business

Consider when businesses might use confidence intervals to estimate values, such as in sales projections, marketing results, and so forth. Describe a business decision that could be helped with confidence intervals. Be specific! Then create a problem with numbers from which another student could calculate a confidence interval and make a decision.

SOLUTION 

Statistics can be used in business, as well as many other industries, to estimate or forecast future events. A confidence interval is a useful tool in business statistics since it allows a company to assess the accuracy of a given estimate. Businesses must be able to determine how confident they should be in their estimates and whether or not to act on them because no estimate can be 100 percent accurate.…..please click the icon below to purchase the solution at $5