Mean for a sample population

timer Asked: Jun 18th, 2013

Question Description

I don’t understand this Business question and need help to study.

150 + word count

1.  In business, sometimes it is necessary to estimate a mean for a sample or population. We can do this with a high level of confidence for any dataset and create an interval in which we think the mean of all datapoints in the sample will fall within. 

For example, we may want to find what interval all customer purchases ($) will fall within. For a restraunt maybe it would be good to know the interval that all 2-customer table bills will fall within. We can use this information to make better business decisions. There are three commonly used confidence levels in business statistics. 90%, 95%, and 99%. To simplify this, we will all calculate our confidence intervals at the 95% confidence levels. 

Please provide an example of when we would use the confidence interval to assist in making business decisions. Display how you would calculate and then interpret that. There are countless examples in Chapter 5 for you to reference. I look forward to a great discussion.

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