A 95% confidence level means that if we were to repeat our sampling process multiple times, approximately 95% of the resulting confidence intervals would contain the true population parameter. It represents a high level of confidence in the estimate.
Related terms
Significance Level: The probability threshold used to determine if results are statistically significant or due to chance.
Confidence Level vs. Confidence Interval: The confidence level is the probability associated with capturing the true parameter, while a confidence interval is an estimation range.
Sampling Distribution: A theoretical distribution that represents all possible sample values and their probabilities for a given statistic.