Forecast Confidence
Confidence statistics provide a measure of the certainty that the forecast value will fall within the expected range of values. The degree of confidence is related to the number of samples in the data set.
|
Measures |
Range |
Optimal |
Forecast Type |
Sample Size |
1 to ∞ |
Large # |
Deterministic/ Probabilistic |
Confidence Interval |
0 to ∞ |
Small |
Deterministic/ Probabilistic |
Confidence Level |
0 to 100% |
100% |
Deterministic/ Probabilistic |