Please provide insight
An experiment was performed on a certain metal to determine if the strength is a function of heating time. 95% confidence interval for the average strength of a metal sheet when the average heating time is 4 minutes is from 4.325 to 5.675. Provide a managerial interpretation of this interval.
Confidence interval is one of the techniques of Inferential statistics. Inferential statistics on the other hand means the use of data with respect to sample of subjects in order to (1) make assumptions about the population at large and/or (2) make predictions about what might happen in the future.
We use inferential statistics to try to infer from the sample data what the population might think. Thus, we use inferential statistics to make inferences from ...
This explains the concept of Confidence interval by an example