confidence intervals
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4 Terms
When we predict a parameter (ex. a population value), what is our prediction known as?
A point estimate
What are confidence intervals?
How much uncertainty there is in our estimate
This will depend on how much data we collected (i.e., the sample size—more data gives us greater confidence that our sample reflects the characteristics of the population) and how variable the data are (i.e., the standard deviation—more variability gives us less confidence that our results are reflective of the population).
What are wide confidence intervals?
Reflects a lot of uncertainty; we can also interpret this as low quality data
What is narrow confidence interval?
Reflects limited uncertainty; we can also interpret this as high quality data.