Confidence Intervals

Confidence Intervals are used to provide an estimate of the range of values associated with an unknown population parameter. They are used in statistical data analysis to calculate the reliability of a sample set, and are especially useful when predicting an outcome on the basis of a limited amount of data. A confidence interval is typically expressed as a percentage and can help decision makers to accurately assess the risk associated with their decisions. For example, if you wanted to predict the amount of revenue you would receive from a new product, a confidence interval provides an estimate of the range of possible outcomes, allowing you to make informed decisions about how to best invest your resources.