A small business owner is organising an end of year celebration for their company. They have a budget of £35 per person and base their overall budget on 40 people attending. One venue charges £33 per person for lunch but for every 6 lunches bought another is provided free of charge. How much money would left from the overall budget if they selected this venue? 3.

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Confidence Intervals

When we calculate intervals in probability and statistics, it can be simply termed as finding out a confidence interval. The confidence interval is usually calculated from the data set which is observed. The value of the parameter that needs to be calculated is present here only.