What does confidence level mean in statistics?
An example of an AI chatbot conversation about understanding confidence levels in statistics.
What does confidence level mean in statistics?
Confidence level is a statistical measure that indicates the probability that a given parameter lies within a specified range.
Can you give me an example of how it's used?
Sure! If a survey shows a 95% confidence level, it means if we repeated the survey 100 times, 95 times the true parameter would fall within the estimated range.
What is the difference between confidence level and confidence interval?
The confidence level is the percentage that reflects how confident we are in our estimate, while the confidence interval is the range of values that is likely to contain the true parameter.
How do I calculate the confidence level?
To calculate the confidence level, you typically use statistical formulas based on your sample size and the variability of your data.
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