What are confidence intervals and why are they important?
An example of an AI chatbot conversation about confidence intervals and their significance in statistics.
What are confidence intervals and why are they important?
Confidence intervals are a range of values used to estimate the true parameter of a population. They provide a measure of uncertainty.
How do you calculate a confidence interval?
To calculate a confidence interval, you typically use the formula: CI = sample mean ± (critical value * standard error).
What does the critical value represent?
The critical value represents the point beyond which you would reject the null hypothesis, often derived from a Z or t distribution.
Can you give 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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