What is the application of confidence intervals in statistics?
An example of an AI chatbot conversation about confidence intervals in statistics.
What is the application of confidence intervals in statistics?
Confidence intervals are used to estimate the range within which a population parameter lies, based on sample data.
Can you give me an example of how to calculate a confidence interval?
Sure! If you have a sample mean of 50, a standard deviation of 10, and a sample size of 30, you can calculate a 95% confidence interval using the formula: mean ± (Z * (SD/√n)). For a 95% CI, Z is approximately 1.96.
What does the Z value represent in this context?
The Z value represents the number of standard deviations a data point is from the mean in a standard normal distribution. It helps determine the width of the confidence interval.
How can I interpret the results of a confidence interval?
If your 95% confidence interval is (45, 55), you can say you are 95% confident that the true population mean lies between 45 and 55.
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