Question
The confidence interval formula for market research data, that is not in a percentage format, is slightly different than the formula for percentage data. Suppose
The confidence interval formula for market research data, that is not in a percentage format, is slightly different than the formula for percentage data. Suppose your consumer response data is in a Likert Scale design where consumers answered Very Satisfied = 4, Satisfied = 3, Not Satisfied = 2, and Angry = 1. Suppose your data provided you with a mean of 2.7, and a standard deviation of .40. You sampled 49 clients of your 2,000 total clients. Note that your standard deviation is of raw data. Please calculate a confidence interval for your sample mean, assuming you wish to be 94% confident. Hint: FPCF?
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