Title: What is a confidence interval in layman's terms? - Quora
Headings: What is a confidence interval in layman's terms?
What is a confidence interval in layman's terms?
Anonymous

Content: Management in one company determined that if less than 15% of salesperson’s 8-hour day is spent with “false customers” then show - rooming while a nuisance, is not a problem. Q. To determine if current show - rooming is really a problem based on the company’s standards, 125 sales associates are randomly selected to measure their service times with false customers. Assume that = 1958 seconds, ẍ (sample mean) = 3661.5, n = 125
Standard error of the mean = 1958/√125 = 175.13
95% confidence interval - 3661.5 (+/-) 1.96 (175.13) = 3661.5 (+/-) 343.25
Conclusion: 15% of a salesperson time was (0.15*3600 = 4320 seconds) but we are 95% confident that salesperson spends between 3318.25 seconds & 4004.75 seconds interacting with “false customers” each 8-hour day thus we can conclude that false customers are not a great enough drain to justify any policy change as the time range calculated is less than the critical time value which is 4320 (3600*8*15%). Sponsored by Best Gadget Advice
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Shantanu Pawar
, studied at Sacred Heart Convent High School, Ahmednagar
Answered 5 years ago
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