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How an industry used statistics

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Reference no: EM131365107

Interpreting a confidence interval for estimating a population mean

Discussion surrounds another example of how an industry used statistics to make important analytics decisions about how it best served its customers:

Data collected among parents spent on their children's birthday parties (under 10 years of age) from a random sample gathered in 1975 found to have a mean expense of $100 including gifts.

In a more recent sampling, however, the mean expense has increased considerably, to $275 including gifts.

Now that we have the data, we move on to the decision-making of analytics. What real-world implications might these data have for toy makers? Party suppliers? Children? Parents?

Please make your initial post by midweek, and respond to at least one other student's post by the end of the week. Please check the Course Calendar for specific due dates.

Reference no: EM131365107

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