Select one (1) project from your working or educational environment in which you would use the confidence interval technique

Note: Online students, please select one of the two subjects to discuss.

Use the Internet or Strayer Library (https://research.strayer.edu) to research articles on confidence interval and its application in business. Select one (1) company or organization which utilized confidence interval technique to measure its performance parameters (e.g., mean, variance, mean differences between two processes, etc.). Give your opinion as to whether or not the utilization of such a technique improves business process for the company or organization that you selected. Justify your response.

Select one (1) project from your working or educational environment in which you would use the confidence interval technique for the process. Next, speculate on one to two (1-2) challenges of utilizing such a technique in the process and suggest your strategy to mitigate the challenges in question.

Please respond to peer posting:

In a given distribution confidence intervals is the probability that a parameter will fall between the upper and lower bounds. The intervals are used to know uncertainties in predictions hence a business can measure its performance (Hoerl & Snee, 2012). When manufacturing iPods, Apple has applied the technique to predict the performance of this process. To determine the reliability of iPods and the effectiveness of the production process used, the company utilized confidence intervals. Using 200 employees as sample population, they tested the dependability of the devices and only two of the devices broke down in a span of one month.Their aim was to determine how many of the iPods would break if they were released to the public at the time of the first production. In an unknown population p, 2/200 is equal to the confidence interval of the population and the proportion chosen (about 1% of p) calculated this interval. With a 95% confidence interval, the company was secure to sell the devices. Nolan, Mitchell and Doyle-Baker 2014 note that the high percentage was a clear indication of the relationship of the breakage in the public. It is challenging for a company to determine the success of its products in the market. Therefore, this technique helps to determine the unknown factor which can help organizations make decisions on their products and operations.ReferencesHoerl, R. & Snee, R. D. (2012). Statistical Thinking: Improving Business Performance, 2nd Edition. [Strayer University Bookshelf]. Retrieved from https://strayer.vitalsource.com/#/books/9781118236…Nolan, M., Mitchell, J. R., & Doyle-Baker, P. K. (2014). Validity of the Apple iPhone®/iPod Touch® as an accelerometer-based physical activity monitor: a proof-of-concept study. Journal of physical activity & health, 11(4).