What is the difference between confidence intervals and p-values?

What is the difference between confidence intervals and p-values?

Confidence intervals provide a range of values for an estimate, while p-values indicate the strength of evidence against a null hypothesis.

Can you give me an example of how to interpret a confidence interval?

Sure! If a 95% confidence interval for a mean is (10, 20), it means we are 95% confident the true mean lies between 10 and 20.

And what does a p-value of 0.03 mean?

A p-value of 0.03 suggests there is a 3% probability of observing the data, or something more extreme, if the null hypothesis is true.

When should I use confidence intervals instead of p-values?

Use confidence intervals when you want to estimate a range for a parameter, and p-values when testing hypotheses.

Are there any limitations to using p-values?

Yes, p-values can be misinterpreted and do not measure the size of an effect or the importance of a result.