Confidence Intervals and Interval Estimates
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"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?
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Solution Summary
This solution identifies a business situation where one might want to make an estimate.
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