Dec-02-2017, 04:08 PM
Hello,
I'm trying to analyse the results for a price test. We have 10,000 sales a year and about 400 of these sales were in branches that ran a price test for 3 months. Each sale is made of of about a dozen line items (the product is quite complicated with different options). I have calculated that the price test has increased revenue per sale by about $50, but please can you tell me how to calculated the confidence of the conclusion? i.e. what is the % likelihood that it wasn't just a fluke result caused by noise in the data?
Thank you,
CM
I'm trying to analyse the results for a price test. We have 10,000 sales a year and about 400 of these sales were in branches that ran a price test for 3 months. Each sale is made of of about a dozen line items (the product is quite complicated with different options). I have calculated that the price test has increased revenue per sale by about $50, but please can you tell me how to calculated the confidence of the conclusion? i.e. what is the % likelihood that it wasn't just a fluke result caused by noise in the data?
Thank you,
CM