Confidence Interval – discussion

Confidence Interval – discussion

“Confidence Interval” Note: Online students, please select one of the two subjects to discuss.

Use the Internet or Strayer Library (https://research.strayer.edu) to research articles on confidence interval and its application in business. Select one (1) company or organization which utilized confidence interval technique to measure its performance parameters (e.g., mean, variance, mean differences between two processes, etc.). Give your opinion as to whether or not the utilization of such a technique improves business process for the company or organization that you selected. Justify your response.
Select one (1) project from your working or educational environment in which you would use the confidence interval technique for the process. Next, speculate on one to two (1-2) challenges of utilizing such a technique in the process and suggest your strategy to mitigate the challenges in question.

Solution Preview

Confidence Interval
A business entity can benefit from using statistics in predicting and estimating the events of the future. The rate at which the prediction is achieved prompts firms to embrace confidence interval in their systems to measure the uncertainty degree in any selected prediction or estimate that determines the parameters of performance.

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