Confidence interval for the population mean sales increase

Reference no: EM131808334

Question: During a 1-week experiment, motion was added to in store sales displays at a random sample of your firm's stores nationwide. The resulting sales increases for these products (compared to the week before) averaged $441.84, with a standard deviation of $68.91. There were 18 stores participating in the experiment.16

a. Find the 95% confidence interval for the population mean sales increase.

b. Complete the following sentence: We are 95% confident that the population means sales increase is at least ____________________.

c. The manager of one of your firm's stores would like to assess the possible sales increases. This store was not part of the survey. Assuming conditions are similar to those of the experiment, complete the following sentence: We are 95% sure that the 1-week savings for this store when motion is added will be between ____________________ and ____________________.

Reference no: EM131808334

Questions Cloud

Review problem of the average salary : A survey of eight vice presidents of information technology and information systems, who had been in their current positions for 10 years or less.

What is meant by social gains in crisis communications : At a minimum, who should be notified during a crisis situation? Describe what is meant by "social gains" in crisis communications?

Explain organizational development : Explain organizational development. Explain the methods used for organizational development briefly.

Evaluate the organisation health and safety services : You have been asked to evaluate the organisation’s health and safety services.

Confidence interval for the population mean sales increase : During a 1-week experiment, motion was added to in store sales displays at a random sample of your firm's stores nationwide.

Create more effective performance management systems : Explain the methods to create more effective performance management systems.

Compute the standard error of the average : Table shows the 2015 performance of stocks recommended by Gene Marcia, whose list was published in Forbes in December 2014.

Prepare a ppt report on MR industry : Prepare a ppt report on MR industry in selected country - Write a brief-like document on the topic that you are going to do the research on during this course

Define big data analysis dataset to include in datawarehouse : Define a Big Data analysis dataset to include in a data warehouse by identifying two specific type of clinical and financial data from Chronic Condition Triads.

User Account

All Pages