A 99% confidence level means that if we were to repeat our study or sampling procedure multiple times, we would expect approximately 99 out of 100 confidence intervals to contain the true population parameter.
Related terms
Significance Level (ฮฑ): The significance level is the probability threshold used to determine whether an observed result is statistically significant or occurred by chance alone. In this case, it would be (1 - confidence level), which is typically denoted as ฮฑ.
Type I Error: Type I error occurs when we reject the null hypothesis mistakenly. It means concluding there's a significant difference when there isn't one.
Type II Error: Type II error occurs when we fail to reject the null hypothesis incorrectly. It means failing to detect a significant difference when one actually exists.