Answer on Statistics and Probability Question for sam
7. You are the product manager for a large MNC. You have just run a test in the market on a new line extension for one of your largest volume SKU. The ad agency that conducted the test reports that 80% of all people who have tried the extension have liked it. You have some doubts about the result, and you decide to run a small test yourself. You choose 10 people randomly from the sample used by the ad agency and ask them if they like the brand. 7 of them answer no. How confident are you that the ad agency is probably wrong and will need to repeat the test?