A tolerance interval is a statistical interval that provides a range within which a specified proportion of a population is expected to fall. It is often used in quality control and reliability engineering to ensure that a particular product or process meets certain performance criteria. Unlike a confidence interval, which estimates the mean of a population based on a sample, a tolerance interval focuses on the distribution of individual observations within the population. Specifically, it offers a way to quantify the uncertainty around the location and variability of the underlying distribution.
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