Confidence Intervals
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6 Terms
What are confidence intervals and levels?
A confidence interval gives the percentage probability that an estimated range of possible values in fact includes the actual value being estimated
What are confidence intervals in business
Businesses benefit from the use of statistics in estimating or predicting future events
A confidence interval helps a business evaluate the reliability of a particular estimate
Because no estimate can be 100% reliable, businesses need to know how confident they should be in their estimates and whether or not to act on them
What is quality management in confidence intervals?
Percentage reliability of machines
The chance that quality control samples will detect issues
What is market research in confidence intervals?
Statistical estimates for sales forecasting
Reliability of data from customer surveys
What is risk management and contingency planning in confidence intervals?
Risks of sales forecasts not being achieved
Scenario planning for competitor actions
What is budgeting and forecasting in confidence intervals?
Likely range of revenues and costs based on key assumptions
Sales forecasts to support new product launches
