How to calculate the lower and upper bound of the confidence interval?
What are confidence bounds in statistics?
- Confidence bounds are generally described as being one-sided or two-sided. Two-Sided Bounds When we use two-sided confidence bounds (or intervals), we are looking at a closed interval where a certain percentage of the population is likely to lie.
How do you interpret the 95% confidence interval?
- One example of the most common interpretation of the concept is the following: There is a 95% probability that, in the future, the true value of the population parameter (e.g., mean) will fall within X [lower bound] and Y [upper bound] interval. In addition, we may interpret the confidence interval using the statement below:
What are the most common misconceptions about confidence intervals?
- There is a 95% probability that the interval between X [lower bound] and Y [upper bound] contains the true value of the population parameter. The statement above is the most common misconception about confidence interval.
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