Applying Confidence Intervals in Business to Quantify Reliability

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question 1 of 3

What do the numbers used to create a confidence interval come from?

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1. Why is the Z-value statistic useful in calculating a confidence interval?

2. What does a confidence interval of 95% actually mean?

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About This Quiz & Worksheet

You can quickly gauge how much you know about confidence intervals and their applications with this quiz and corresponding worksheet. To adequately measure how much you know, try taking the quiz before viewing the lesson, then take it again after watching the lesson to see what you retained from it.

Quiz & Worksheet Goals

You will be expected to do the following when you take this quiz:

  • Identify where the numbers used in a confidence interval come from
  • Explain the use of the Z-value statistic when calculating a confidence interval
  • Understand what a confidence interval of 95% means
  • State the minimum number of samples that should be used when using a Z-value statistic to calculate a confidence interval
  • Discuss the effect of increasing the number of samples for a stated confidence interval

Skills Practiced

  • Critical thinking - apply relevant concepts to examine information about confidence intervals in a different light
  • Interpreting information - verify that you can read information regarding the usefulness of the Z-value statistic in calculating confidence intervals and interpret it correctly
  • Information recall - access the knowledge you've gained regarding where numbers used in confidence intervals come from

Additional Learning

Use the lesson titled Applying Confidence Intervals in Business to Quantify Reliability if you wish to learn more about this topic. You will find out more about:

  • How a confidence interval is defined
  • How to apply confidence intervals in the manufacturing of a product
  • What type of confidence interval is calculated in many cases
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