Confidence Interval

Definition

A confidence interval is a range of values that is likely to contain the true value of a population parameter. It provides an estimate along with a level of confidence about how accurate the estimate is.

Related terms

Margin of Error: The margin of error is the maximum amount by which an estimate might differ from the true value. It indicates the precision or accuracy of the estimate.

Sample Size: Sample size refers to the number of individuals or observations included in a study or survey. A larger sample size generally leads to narrower confidence intervals and more precise estimates.

Confidence Level: The confidence level represents how confident we are that our calculated interval contains the true population parameter. Commonly used levels include 90%, 95%, and 99%.