Confidence Interval
Confidence Interval
A Confidence Interval (pronunciation: /ˈkɒnfɪdəns ˈɪntəvəl/) is a type of statistical estimate that is computed from the observed data. This interval estimate gives a range of values for an unknown parameter (the true value of the variable). The interval has an associated confidence level that quantifies the level of confidence that the parameter lies within the interval.
Etymology
The term "Confidence Interval" originates from the field of statistics. The word "confidence" comes from the Latin word "confidentia", meaning "trust", and "interval" comes from the Latin word "intervallum", meaning "space between".
Related Terms
- Margin of Error: The range of values below and above the sample statistic in a confidence interval.
- Confidence Level: The probability that the population parameter will fall within the confidence interval.
- Sample Size: The number of observations in a sample.
- Standard Error: The standard deviation of the sampling distribution of a statistic.
- Population Parameter: A value that represents a particular population characteristic.
Usage
In statistics, a confidence interval is used to indicate the reliability of an estimate. It is an observed interval in principle different from sample to sample, that potentially includes the unobservable true parameter of interest. If repeated samples were taken and the confidence interval computed for each sample, a certain percentage (confidence level) of the intervals would include the true population parameter.
See Also
External links
- Medical encyclopedia article on Confidence Interval
- Wikipedia's article - Confidence Interval
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