Why are confidence intervals important in statistics?
An example of an AI chatbot conversation about the significance of confidence intervals in statistics.
Why are confidence intervals important in statistics?
Confidence intervals provide a range of values that likely contain the true population parameter, helping to quantify uncertainty.
Can you explain how to calculate a confidence interval?
Sure! 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.
How does sample size affect confidence intervals?
Larger sample sizes generally lead to narrower confidence intervals, indicating more precise estimates of the population parameter.
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