Confidence Intervals in Marketing
Confidence intervals are used in the business environment to determine how positive the data articulates that a certain event may take place. The closer the confidence interval is to 100% or 1, the more confident one can be that the event may take place.
Respond to the following:
- In marketing, how would a confidence interval be used in validating a forecasting estimate in sales for a given point in time?
- Consider this example: General Motors would like to find out how much of a demand for mini vans there will be in the month of May? How would they use the confidence interval?
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