Confidence intervals and interval estimates

Reference no: EM13104359

"A confidence interval is an interval estimate around a sample mean that provides us with a range [within which] the true population mean lies"

"The purpose of generating a confidence interval is to provide an estimate for the value of the population mean"

Identify a business situation where you might want to make an estimate. For example, you might want to estimate the mean dollar amount spent by customers at a retail store. In your example, what is the population mean you are estimating? What is the sample you will use? How will you calculate the confidence interval? How would you use that information in a proposal to upper management? How does the confidence level influence the decision?

Reference no: EM13104359

Questions Cloud

Confidence intervals and t-interval for mean : A 2007 study reported in Science magazine stated that fifth-grade teachers scored a mean of 3.4 (out of 7) points for "providing evaluative feedback to students on their work." Assume that the sample size was 36 and the sample standard deviation w..

Number of accidents occurring in an industrial plant : Suppose that the number of accidents occurring in an industrial plant is described by a Poisson distribution with an average of one accident per month. Let x denote the time (in months) between successive accidents.a Find the probability that the ..

Estimating confidence interval for population proportion : In a Gallup Poll of 1005 randomly selected Americans in April 2006, 482 responded "yes" to the question, "Do you consider the amount of federal income tax you have to pay as too high?"

How far from the axis can the button be placed : A small button placed on a horizontal rotating platform with diameter 0.328 will revolve with the platform when it is brought up to a rotational speed of 45.0 rev/min , provided the button is a distance no more than 0.141m from the axis. a)What is..

Confidence intervals and interval estimates : Identify a business situation where you might want to make an estimate. For example, you might want to estimate the mean dollar amount spent by customers at a retail store.

Conduct the appropriate test and describe the results : Pepsi wanted to test to determine if the males preferred Pepsi more than the females. (a) PConduct the appropriate test and describe the results (ick your own alpha value)

Calculate the ending balance of work in process : Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had the following balances in its inventory accounts.

Write the characteristics of ideal learning organization : Write down the characteristics of ideal learning organization? Write downthe observable behaviors for each characteristic? What would be result of these behaviors?

What would the average wind speed : What would the average wind speed (in m/s) for this month be at a height of 80 m if this site experiences a wind shear condition which matches a logarithmic law with a surface roughness of 0.1 m? f. Based on the roughness noted in e) above, how wo..

User Account

All Pages