Question: Because it is impossible to predict a future event with 1 0 0 percent accuracy, confidence intervals are used by businesses for managing risk, budget
Because it is impossible to predict a future event with percent accuracy, confidence intervals are used by businesses for managing risk, budget forecasting, marketing research, and also for quality management. How can businesses leverage interval estimation in decisionmaking processes? Provide example of situation where interval estimation could be beneficial, and discuss the potential impact on strategic planning, resource allocation, and overall business performance. In your example, consider your desired business in the near future and give a specific example for the usage of confidence intervals for any of these topics managing risk, budget forecasting, marketing research, quality management statistical process control
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