B&K.edited

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The Co - Operative University Of Kenya *

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Management

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Nov 24, 2024

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1 Confidence Intervals Responses Name Institutional Affiliation Course Name Professor Name Date

2 Peer Response 1 of Sandra Le B & K should opt for the silver package since it has a margin of error that is ideal for the company's activities. Your discussion post highlighted why the Bronze Package is unsuitable for the company's needs. The package has a higher margin of error, which may be very expensive for the company. Thus, the silver Package is the ideal package. Moving on, I love how you have gone deep and highlighted the benefits of the Silver Package. It increases the company's precision and offers an accurate estimate of the mean house listing price, thus increasing the confidence intervals. Overall, your work is outstanding. Peer Response 2 of Ronda Fitzgerald After going through your discussion, I agree that the mean ranges around 300 000. I also agree that for B&K to choose either of the packages, it must consider the sample size, confidence levels, and margin of error. The margin of error refers to the unpredictability that may be permitted in survey results. Consequently, the sample size is the number of respondents involved in a study. However, perhaps one thing that you failed to mention is which of the packages (Silver and gold package) is ideal for B&K. I would recommend the company go for the Silver Package since it offers the finest understanding of the housing values while charging the least for the services. The package contains a 7750 dollars’ margin of error, which is ideal for B&K. Response Questions I believe that agents would prefer a different confidence interval than their management. Agents may want a higher confidence interval because it gives them more certainty in their predictions and decisions. On the other hand, management may wish for a lower confidence interval to ensure that their choices are more accurate and reliable. Ultimately, it depends on the

3 specific context and the preferences of the parties involved. Moving on, having different confidence intervals has its pros and cons for the agents. It could provide more accurate and reliable information about the performance of each agent. This could help identify areas of improvement for each agent and provide more specific data for managers and other stakeholders. However, using different confidence intervals for the agents could also lead to discrepancies in the data and confusion when comparing the performance of different agents. It could also be challenging to maintain and monitor the various intervals and interpret the results accurately. Additionally, setting up and maintaining the different intervals could be time-consuming and costly.

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