7:43:00 AM
"95% confidence interval". This means that if we used the same sampling method to select different samples and computed an interval estimate for each sample, we would expect the true population parameter to fall within the interval estimates 95% of the time.
How do we form a confidence interval?
| The purpose of taking a random sample from a lot or population and computing a statistic, such as the mean from the data, is to approximate the mean of the population. How well the sample statistic estimates the underlying population value is always an issue. A confidence interval addresses this issue because it provides a range of values which is likely to contain the population parameter of interest. | |||
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