Question

Complete the following by writing a response to three of the four following questions. For each question, your response should be 2 or more paragraphs.
Describe how you could use confidence intervalsto help make a decision in your current job, a past job, or life situation. Include a description of the decision, how the interval would impact the decision, and how data could ideally be collected to determine the interval.

Answer 1

Since here you have told that the job is in a warehouse, so we will discuss the way in which confidence intervals can be used to make decisions regarding your job in a warehouse.

There are many products maintained in the warehouse for supply to the retail outlet. The retail outlet depends upon the warehouse for all its stock requirements.

Suppose there is a new beauty product in the market and is gaining popularity. You want to make sure that you do not run out of this product. In order to do this, you can make a confidence interval for the mean number of that product which is sold over a week's period.

For this you need to gather data regarding the number of items sold last week for that product. Using that data you can make a confidence interval for the mean number of items that would be sold the coming month. In this way you would be 95% confident that the mean sale of items will lie in that interval.

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