What are confidence intervals and how are they used?
An example of an AI chatbot conversation about confidence intervals in statistics.
What are confidence intervals and how are they used?
Confidence intervals are a range of values used to estimate the true parameter of a population. They provide a measure of uncertainty.
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 width of a confidence interval indicate?
The width of a confidence interval indicates the level of uncertainty around the estimate. A wider interval suggests more uncertainty, while a narrower interval indicates more precision.
How does sample size affect confidence intervals?
Larger sample sizes generally lead to narrower confidence intervals, as they provide more information about the population, reducing uncertainty.
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