What is a confidence interval?
An example of an AI chatbot conversation about confidence intervals in statistics.
What is a confidence interval?
A confidence interval is a range of values used to estimate the true value of a population parameter.
How is it calculated?
It's calculated using sample data, the sample mean, and the standard error, along with a critical value from the Z or t distribution.
What does a 95% confidence interval mean?
A 95% confidence interval means that if we were to take many samples, about 95% of the calculated intervals would contain the true population parameter.
Can you give me an example?
Sure! If a survey shows a mean income of $50,000 with a 95% confidence interval of $48,000 to $52,000, we are 95% confident the true mean income lies within that range.
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