MATH 533 Week 4 Discussion; Confidence Intervals in Business-Keller

Week 4: 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. View Instructor posts View My Posts Search entries or author Filter replies by unread UnreadCollapse replies Expand replies SubscribedThis topic was locked Jan 30 at 11:59pm. • Collapse SubdiscussionPenka MarinovaPenka MarinovaJan 16, 2022Jan 16 at 3:07pm Manage Discussion EntryDear students, Welcome to Week 4 discussion. 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. I look forward to reading your posts. Please, do not forget to participate at least three different days during our week. Conversational posts are allowed and encouraged, but they will not count for grading purposes! Make sure that THREE of your posts for the week are Statistical in nature AND a direct response to the problems given above. Remember: EACH STUDENT NEEDS TO POST A MINIMUM OF 3 TIMES PER WEEK ON 3 DIFFERENT DAYS WITH THE FIRST POST NO LATER THAN WEDNESDAY! Best, PM Read More o Collapse SubdiscussionKevin PregoKevin PregoJan 23, 2022Jan 23 at 3:15am Manage Discussion EntryHi Class & Professor, 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. A confidence interval is a percentage probability that an estimated range of possible values includes the actual value being evaluated in statistics. For example, a company might estimate that each unit of a product generated by a machine uses 10 lbs. of plastic. Because the machine is unlikely to consume exactly 10 pounds per unit, a confidence interval can be used to provide a range of possibilities. According to the business, there's a 95 percent possibility that the machine utilizes between 9.85 and 10.5 pounds of plastic in each unit. In this case, the confidence interval is 95%, and the chance that the actual amount of plastic used is outside the estimated range is 5%. Thanks, Kevin (1 like) ▪ Collapse SubdiscussionPenka MarinovaPenka MarinovaJan 25, 2022Jan 25 at 7:06pm Manage Discussion EntryDear students, What is the difference between “margin of error” and “standard error”? And, do we always use the t-values for calculating the