Thursday, July 28, 2016

Confidence intervals vs Prediction Intervals

Here's some good information on this one important topic in Statistics.

Confidence intervals determine the probability that the real value of mean falls inside of its borders (CI borders).

Prediction intervals determine the probability that sample means will fall inside of its borders (PI borders).

Details:
http://blog.minitab.com/blog/adventures-in-statistics/when-should-i-use-confidence-intervals-prediction-intervals-and-tolerance-intervals

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