Confidence intervals are a handy way to show where we think a number related to a group of people lies.
For example, if a survey says that 70% of students like math, and the 95% confidence interval is between 65% and 75%, it means we believe that the real percentage of all students who like math is somewhere between 65% and 75%.
Confidence Level: This is a percentage (like 95%) that tells us how sure we are about the range. The higher the percentage, the wider the range will be.
Practical Example: If we find that the average money people spend each month is between 500, it suggests that the true average for everyone is likely somewhere in that range.
In our daily lives, confidence intervals help us make decisions. They can guide things like budget planning or marketing strategies. They show us that there is some uncertainty but also give us a possible range of values to work with. This helps people make better choices based on what the statistics say.
Confidence intervals are a handy way to show where we think a number related to a group of people lies.
For example, if a survey says that 70% of students like math, and the 95% confidence interval is between 65% and 75%, it means we believe that the real percentage of all students who like math is somewhere between 65% and 75%.
Confidence Level: This is a percentage (like 95%) that tells us how sure we are about the range. The higher the percentage, the wider the range will be.
Practical Example: If we find that the average money people spend each month is between 500, it suggests that the true average for everyone is likely somewhere in that range.
In our daily lives, confidence intervals help us make decisions. They can guide things like budget planning or marketing strategies. They show us that there is some uncertainty but also give us a possible range of values to work with. This helps people make better choices based on what the statistics say.