Question

Consider when businesses might use confidence intervals to estimate values, such as in sales projections, marketing...

Consider when businesses might use confidence intervals to estimate values, such as in sales projections, marketing results, and so forth. Describe a business decision that could be helped with confidence intervals. Be specific! Then create a problem with numbers from which another student could calculate a confidence interval and make a decision

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Consider a video game provider that sells newspapers in a village. The demand for newspapers varies over time. We know that on an average, 200 newspapers are sold daily. The standard deviation is 10. Now, the business owner wants to decide how many newspapers does he/she have to print and keep in his/her inventory each day, such that he/she fulfills the demand of the town 95% of the times. (The owner doesn't want to print any more because of the cost per newspaper - if not sold - is high compared to the profit per newspaper)

Calculate the required number of newspaper to be printed daily.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Confidence intervals seek to estimate a population parameter with an interval of values calculated from an...
Confidence intervals seek to estimate a population parameter with an interval of values calculated from an observed sample statistic. Demonstrate that you understand this concept by describing a situation in which one could use a sample mean or sample proportion to produce a confidence interval as an estimate of a population mean or population proportion. I am asking you to make up a situation where a confidence interval might be computed. Clearly identify the population, sample, parameter, and statistic involved...
(Use the case of “Global Treps”) You have been selected as the project manager for the...
(Use the case of “Global Treps”) You have been selected as the project manager for the Global Treps project. You helped to run a local shark tank like event at your college last year as part of a class project, so you have a general idea of what is involved. The schedule goal is six months, and the budget is $120,000. Your favorite professor, Dr. K., and a few of her associates have agreed to fund the project. Your strengths...
Answer these questions for the case study: Purple Innovation, Inc.: The Online to Offline Marketing Challenge...
Answer these questions for the case study: Purple Innovation, Inc.: The Online to Offline Marketing Challenge (a) Delineate what marketing data analytics and metrics were used by Purple Innovation, Inc to assess the effectiveness of their marketing actions and marketing campaigns. (There are many.) Within your answer, provide the type of analytics and /or metrics and for each one, and, for each one, an example of specific dollars, numbers, percentages that were provided in the case. (Be sure to include...
The goal of statistics is to use data to understand something about the world. To obtain...
The goal of statistics is to use data to understand something about the world. To obtain useful results, a scientific approach should be followed. The basic approach can be summarized into a few steps. Write a question that can be answered by collecting data. Determine what variables to measure and how to collect a data sample. Analyze the data and create appropriate summaries. Create a report of the results, drawing conclusions or inferences where appropriate. For example, suppose you are...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
HASBRO DEVELOPS A GLOBAL SYSTEMS STRATEGY If you’ve ever played in a sandbox with a Tonka...
HASBRO DEVELOPS A GLOBAL SYSTEMS STRATEGY If you’ve ever played in a sandbox with a Tonka dump truck, accessorized a My Little Pony, manipulated a Transformer, or engaged in mock combat with a G.I. Joe, you have experienced a piece of the Hasbro Inc. juggernaut. Begun by brothers Henry, Hilal, and Herman Hassenfeld in 1923 as a pencil box and school supplies company, Hasbro transitioned to toys in the 1940s. Acquisitions, including Milton Bradley, Tonka, and Wizards of the Coast...
Scenario Pigs R Us is a second generation, family-owned Richmond-based company with about 400 employees. It...
Scenario Pigs R Us is a second generation, family-owned Richmond-based company with about 400 employees. It slaughters, manufactures, and sells pork food products.  Pigs R Us (PRU) is a low-tech, hands-on, “bricks and mortar” type of company with solid brand recognition, an impeccable reputation for high quality and ethical standards. The processes used in manufacturing are with the highest ISO20002 standards, and the plant is maintained immaculately. The personnel are comprised of an older work force (average employee age is late...
Consumerization of Technology at IFG3 “There’s good news and bad news,” Josh Novak reported to the...
Consumerization of Technology at IFG3 “There’s good news and bad news,” Josh Novak reported to the assembled IT management team at their monthly status meeting. “The good news is that our social media traffic is up 3000% in the past two years. Our new interactive website, Facebook presence, and our U-Tube and couponing promotions have been highly successful in driving awareness of our ‘Nature’s Glow’ brand and are very popular with our target demographic—the under-30s. Unfortunately, the bad news is...
PART 2 CASE ETHICAL CHOICES IN EMPLOYEE DISCOUNTS Angela is feeling a lot of stress at...
PART 2 CASE ETHICAL CHOICES IN EMPLOYEE DISCOUNTS Angela is feeling a lot of stress at work these days and she’s worried that her behaviour over the past few months will get her into trouble, not only with her boss and the company she works for, but also potentially with the police. It all started a few months ago, when one of Angela’s old classmates came in to the store where she worked. Her classmate explained that she was just...
Scenario Pigs R Us is a second generation, family-owned Richmond-based company with about 400 employees. It...
Scenario Pigs R Us is a second generation, family-owned Richmond-based company with about 400 employees. It slaughters, manufactures, and sells pork food products.  Pigs R Us (PRU) is a low-tech, hands-on, “bricks and mortar” type of company with solid brand recognition, an impeccable reputation for high quality and ethical standards. The processes used in manufacturing are with the highest ISO20002 standards, and the plant is maintained immaculately. The personnel are comprised of an older work force (average employee age is late...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT