Interval

Definition

An interval refers to a range or span of numbers. In statistics, an interval estimate provides both an upper and lower boundary within which we can expect to find population parameters.

Related terms

Confidence level: The confidence level specifies how confident we are that our interval estimate contains the true population parameter.

Margin of error: The margin of error quantifies the amount by which our sample statistic might differ from the true population parameter.

Point estimate: A point estimate is a single value that estimates an unknown population parameter without providing any indication of uncertainty.