A practical use of confidence intervals is that they may be used to forecast best, pessimistic, and optimistic market-potential estimates..

Question

Quizplus · Accepted Answer

Confidence intervals provide a range of possible values for an unknown population parameter, such as the mean of a market potential estimate. By using the upper and lower bounds of the confidence interval, one can make best, pessimistic, and optimistic market-potential estimates. Therefore, confidence intervals can be a practical tool for forecasting market potential.

A Practical Use of Confidence Intervals Is That They May