What are some common misinterpretations of confidence intervals?
An example of an AI chatbot conversation about common misinterpretations of confidence intervals.
What are some common misinterpretations of confidence intervals?
Common misinterpretations include thinking that a confidence interval gives the probability that a parameter lies within it.
Can you explain why that's a misconception?
Sure! A confidence interval reflects the range of values that, based on sample data, is likely to contain the true parameter in repeated samples.
What does it mean if a confidence interval is wide?
A wide confidence interval indicates more uncertainty about the parameter estimate, often due to a smaller sample size or high variability.
How can I improve the precision of my confidence intervals?
You can improve precision by increasing your sample size or reducing variability in your data.
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