confidence level
In repeated sampling, about ___% of all intervals calculated will capture the true (parameter in context).
Confidence level is a statistical term that refers to the degree of certainty with which we can conclude that a particular result or observation is representative of the true population parameter. It measures the probability that a confidence interval will contain the true population value of a given parameter.
In practical terms, confidence level can be thought of as a measure of the uncertainty or risk associated with a particular statistical estimate. For example, if we compute a 95% confidence interval for the mean weight of a population, we can say with 95% confidence that the true population mean weight falls within this interval.
Higher confidence levels mean greater certainty and less risk of errors, but they also require larger sample sizes and may be more difficult to achieve. Typical confidence levels are 90%, 95%, and 99%, although other levels can also be used depending on the specific requirements of the analysis.
It is important to understand confidence levels when interpreting statistical estimates and making decisions based on data. A higher confidence level can provide greater assurance that a particular decision or action is appropriate, while a lower confidence level may require further investigation or caution in decision-making.
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