Overview
A Confidence Interval provides an estimated range of values which is likely to include an unknown population parameter, the estimated range being calculated from a given set of sample data.
Confidence Level
Usually expressed as a percentage (e.g., 95% Confidence Interval). A 95% CI means that if we were to take 100 different samples and compute a CI for each, 95 of them would contain the true population parameter.
Components
- Point Estimate: The sample mean or proportion.
- Margin of Error: The range above and below the point estimate.