Question
In: Statistics and Probability
From the information below I need to find the best predicted probability of having a new...
From the information below I need to find the best predicted probability of having a new client give the highest level of satisfaction.
The first item you want to highlight is your customer satisfaction record. Over the past 18 months of employment you have worked with 24 clients, and according to the customer satisfaction surveys all clients are asked to take after their contract is completed, 22 of them rated you with the highest level of satisfaction. Use this information to find the best predicted probability of having a new client give the highest level of satisfaction.
Solutions
Expert Solution
We have the probability of clients who had the highest level of satisfaction from the sample = 22/24
To get the best predicted probabillity, we have to get the 95% confidence interval of the probability that could be due to margin of error.
Let's find the confidence interval. The formula is:
z (95% confidence level) = 1.96
p = 0.92, N = 24
CI: (0.92 - 0.12, 0.92 + 0.12)
CI: (0.80, 1.04)
Hence, best predicted probability = 80%
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