In statistics, we use a variety of intervals to characterize the results. The most well-known of these are confidence intervals. However, confidence intervals are not always appropriate. In this post, we’ll take a look at the different types of intervals that are available in Minitab, their characteristics, and when you should use them.
I’ll cover confidence intervals, prediction intervals, and tolerance intervals. Because tolerance intervals are the least-known, I’ll devote extra time to explaining how they work and when you’d want to use them.
What are Confidence Intervals?