What is a confidence interval?
An example of an AI chatbot conversation about understanding confidence intervals in statistics.
What is a confidence interval?
A confidence interval is a range of values used to estimate the true value of a population parameter.
How do you calculate a confidence interval?
To calculate a confidence interval, you typically use the formula: sample mean ± (critical value * standard error).
What does the critical value represent?
The critical value represents the number of standard deviations a data point is from the mean, based on the desired confidence level.
Can you give me an example of a confidence interval?
Sure! If a sample mean is 50 with a standard error of 5, a 95% confidence interval would be 50 ± 1.96*5, or (41.2, 58.8).
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