Confidence Interval [Simply explained]
In statistics, parameters of the population are often estimated based on a sample, e.g. the mean or the variance. But these are only estimates and the true value in the population will lie somewhere around these estimates. Now it is of course very useful to define a range or interval in which the true value will lie with a high probability, this range is called confidence interval. ? E-BOOK ► https://datatab.net/statistics-book ?Tutorial Confidence Interval ► https://datatab.net//tutorial/confidence-interval
In statistics, parameters of the population are often estimated based on a sample, e.g. the mean or the variance. But these are only estimates and the true value in the population will lie somewhere around these estimates. Now it is of course very useful to define a range or interval in which the true value will lie with a high probability, this range is called confidence interval. ? E-BOOK ► https://datatab.net/statistics-book ?Tutorial Confidence Interval ► https://datatab.net//tutorial/confidence-interval