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.
answer from other students
One project where the confidence interval would come into play is in forecasting the amount of calls that would come in in a given day. We do have different variables to look at, because we need not only be able to forecast how many calls will come in on a certain day, but also be able to forecast how many calls will come in at a certain period on any given day. We need to know how many agents are to be staffed, or even if calls are going to be very slow, how many agents we can let go that day. The confidence interval can help us determine how close to the forecast our actual estimate was. There are different variable that come into play, and we need to determine how close we were able to forecast. One challenge that could be presented is when mother nature decided to throw a wrench in the works with the weather. There might be such a storm in one are, that it closes down one of our centers, and the other center has to focus on the calls that would have been handled if the other call center remained open. The weather might have been able to be predicted, but it also might have come out of the blue and totally destroy our forecasting model. Things such as equipment failures at our ATMs might even cause a spike in calls, so we do have a few things that could cause our confidence interval to not be as accurate as we had wished.
