Confidence Interval (Explained)
What is Confidence Interval?
- In statistics, one of the major objectives is to estimate an unknown parameter of the population. Start with a statistical sample, and from this, you can determine a range of values for the parameter. This range of values is called the confidence interval.
The confidence intervals are all similar in each other in a few ways. First of all, many bilateral confidence intervals have the same form:
- Estimate ± Margin of Error
Secondly, the steps for calculating the confidence intervals are very similar, regardless of the type of trust interval you are trying to find.
Supports both population standard deviation and sample standard deviation.