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Phone Orders
The L.L.Bean catalog department that receives the majority of its orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product.The length of time was found to be a random variable best approximated by an exponential distribution with a mean equal to 3 minutes.
-{Phone Orders Narrative} Find the waiting time at which only 10% of the customers will continue to hold.
Statistical Evidence
Quantitative data used to support or refute a hypothesis or to estimate the truth of a parameter.
Confidence Interval
A range of values, derived from sample statistics, that is believed to contain the value of an unknown population parameter with a certain level of confidence.
Level Of Significance
The threshold used in statistical tests to determine if a result is statistically significant, indicating the probability of the result occurring by chance.
Null Hypothesis
A statistical hypothesis that assumes no significant difference or effect exists between certain aspects of a population or parameters.
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