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Confidence Intervals and Charts

  1. #1
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    Confidence Intervals and Charts

    I wonder if it can be done....

    At the moment I have a set of control charts with confidence intervals set at 95% (1.96 times standard deviation). What I'd like to do is for the user to be able to set a confidence interval, say 80% and for this to be automatically shown on the chart.
    Plotting it to the chart is the easy bit(!) but does anyone know if this can be done - some sort of formula to amend the multiplier based on the Normal Distribution based on the confidence interval required.
    Thanks

    Robert

  2. #2
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    You mean for 95% you should get 1.645. This is possible by using the worksheet function:
    =NORMSINV(95%)

    - Mangesh

  3. #3
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    Quite correct - 1.645 for a one-tailed test, 1.96 for a two-tailed test. I can get that to work - thanks very much for the help.
    Robert

  4. #4
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    Ok. for a two tailed test, you woild need to modify the input arg to the function something like this:
    If cell A1 is the input cell which is 95% then use
    =NORMSINV((1-A1)/2+A1)
    for the 2-tailed test

    - Mangesh

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