What are confidence intervals and why are they important?
An example of an AI chatbot conversation about the significance of confidence intervals 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 sample mean, the standard deviation, and the sample size, along with a critical value from the Z or t distribution.
Can you give me an example of a confidence interval?
Sure! If you have a sample mean of 50, a standard deviation of 10, and a sample size of 30, a 95% confidence interval might be from 46 to 54.
What does it mean if a confidence interval is wide?
A wide confidence interval indicates more uncertainty about the estimate of the population parameter, suggesting that the sample data is more variable.
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