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Summary Of How The Confidence Interval Affects Business

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In reading, How the Confidence Interval Affects Business, I found it to be very interesting. I had no idea the relation of statistics that are being used in the business world. Stat Trek (2017) states, “Confidence intervals indicate (a) the precision estimate and (b) the uncertainty of the estimate” (para. 3). Marketing is an important tool for most business, for a business to have the ability to estimate future sales and determine if sales will decline in the near future seems to be vital knowledge for the success of a company. This knowledge is achieved through data collected from clients, previous sales, and other bases of relative information. Risk management is another way for confidence intervals to affect businesses. Richards (2017)

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