Confidence interval and its application in business
Use the Internet or Strayer Library 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.
Statistics is used quite often in research, media, and even in surveys. The Gallup Poll (Gallup.com) is a national known polling company, that uses confidence intervals to determine all of what people around the world think and view. They are a company of analytics and consultants that offer advice and statistics about things that matter in the world around us. Many companies such as USA Today, Reader’s Digest, and many political polls use this company to help prove or disprove any statistic that they may be writing about for the public to be aware of. For example, the Department of Labor uses the Gallup Poll to help determine real situations such as real unemployment, healthcare reform, economic confidence, and even consumer spending. These tools are needed to help determine what customers need to know to improve their businesses, help with educating people, statistics, global analytics and much more.