Our World Statistics Day conversations have been a great reminder of how much statistics can inform our lives. Do you have an example of how statistics has made a difference in your life? Share your story with the Community!
Two kinds of statistical tolerance intervals exist. First, beta-expectation tolerance interval is a statistical interval within which a specified proportion (beta) of the population is expected to fall. The second kind is the beta-content gamma-confidence tolerance interval that is an interval within which a beta proportion of the population fall, with the confidence level gamma. Those intervals are widely used in the pharmaceutical industry.