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David
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We can think of the rate of visitors who purchased the product as the number of successes in an "experiment" that repeated 1382 times.

Therefore, that ratio of buyers/(total visitors) follows a binomial distribution. For 23 successes and 1382 attempts, its standard deviation can be estimated at around 4,75 (see https://en.wikipedia.org/wiki/Binomial_distribution)

About 95% of the time, you should expect results within two standard deviations of the mean, so I would build a confidence interval at around "from 1813 to 28"32".

This means that, every 1382 visitors, you should expect between 1813 and 2832 purchases (in other words, between 11% and 2,3% and 2%)

I hope this helped!

EDIT NOTE: On my first answer I rushed through the calculations and made it wrong. It's done again properly and the results are now correct!

We can think of the rate of visitors who purchased the product as the number of successes in an "experiment" that repeated 1382 times.

Therefore, that ratio of buyers/(total visitors) follows a binomial distribution. For 23 successes and 1382 attempts, its standard deviation can be estimated at around 4,75 (see https://en.wikipedia.org/wiki/Binomial_distribution)

About 95% of the time, you should expect results within two standard deviations of the mean, so I would build a confidence interval at around "from 18 to 28".

This means that, every 1382 visitors, you should expect between 18 and 28 purchases (in other words, between 1,3% and 2%)

I hope this helped!

We can think of the rate of visitors who purchased the product as the number of successes in an "experiment" that repeated 1382 times.

Therefore, that ratio of buyers/(total visitors) follows a binomial distribution. For 23 successes and 1382 attempts, its standard deviation can be estimated at around 4,75 (see https://en.wikipedia.org/wiki/Binomial_distribution)

About 95% of the time, you should expect results within two standard deviations of the mean, so I would build a confidence interval at around "from 13 to 32".

This means that, every 1382 visitors, you should expect between 13 and 32 purchases (in other words, between 1% and 2,3%)

I hope this helped!

EDIT NOTE: On my first answer I rushed through the calculations and made it wrong. It's done again properly and the results are now correct!

Source Link
David
  • 2.7k
  • 1
  • 8
  • 18

We can think of the rate of visitors who purchased the product as the number of successes in an "experiment" that repeated 1382 times.

Therefore, that ratio of buyers/(total visitors) follows a binomial distribution. For 23 successes and 1382 attempts, its standard deviation can be estimated at around 4,75 (see https://en.wikipedia.org/wiki/Binomial_distribution)

About 95% of the time, you should expect results within two standard deviations of the mean, so I would build a confidence interval at around "from 18 to 28".

This means that, every 1382 visitors, you should expect between 18 and 28 purchases (in other words, between 1,3% and 2%)

I hope this helped!