Value of establishing confidence intervals in business decisions
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Provide specific examples for how to establish confidence intervals when making business decisions.
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This solution provides descriptive examples of how to go about establishing confidence intervals when making business decisions.
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Establishing confidence interval is very important in business decisions. For example, if we are clearing the lots for quality check, we can not check all the items (it is too costly to check each and every item). So we do sample testing.
This is an era of zero defects, six sigma, etc. etc. so the tolerance for quality is very low. For example we are passing the lot of Coke bottle whose average quantity should be 300 ml. The ...
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