Consider a process that is generating a certain output (like cycle time) that can be characterized by a certain statistical parameter (like average cycle time).
Suppose you are interested in determining the value of this parameter for the entire population. So how would you go about it?
You start with selecting a sample and measuring the value of the parameter using the sample data.
The question that arises then is how to estimate the population parameter from the sample parameter value.
That’s where confidence interval can come to your rescue.
Confidence interval is a statistical interval estimate of the population parameter that is derived from the sample parameter value.
Suppose you are interested in determining the value of this parameter for the entire population. So how would you go about it?
You start with selecting a sample and measuring the value of the parameter using the sample data.
The question that arises then is how to estimate the population parameter from the sample parameter value.
That’s where confidence interval can come to your rescue.
Confidence interval is a statistical interval estimate of the population parameter that is derived from the sample parameter value.
