In business, confidence intervals are commonly utilized to determine whether samples are representative of the overall population.
Question:
In business, confidence intervals are commonly utilized to determine whether samples are representative of the overall population. In marketing, companies can calculate the value of future sales by collecting data from customers, past sales records, and other sources. Marketing companies may use confidence intervals when estimating their future sales. It's being used to determine the range of sales that is likely to fall for a company. For example, a shirt company might analyze confidence intervals to make business decisions. Suppose the T-shirt company sells only plain white T-shirts. They know that they will sell more large T-shirts than any other t-shirt size. With 10,000 customers, the company plans to use 100 samples of customers. The sample given mean for the number of large shirts is 41 and the standard deviation is 7. Using a 9.5% confidence interval. What is the confidence interval for large white T-shirts?