What is the interpretation of confidence intervals?
An example of an AI chatbot conversation about interpreting confidence intervals in statistics.
What is the interpretation of confidence intervals?
A confidence interval gives a range of values that likely contains the true population parameter. It reflects the uncertainty of an estimate.
How do I calculate a confidence interval?
To calculate a confidence interval, you typically use the formula: CI = sample mean ± (critical value * standard error).
What does a 95% confidence interval mean?
A 95% confidence interval means that if you were to take 100 different samples and compute a CI for each, about 95 of them would contain the true population mean.
Can confidence intervals be negative?
Yes, confidence intervals can be negative if the estimate being measured can take negative values, like in certain financial metrics.
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