I’m working on a business discussion question and need an explanation to help me learn.
Please send me minimum 200 words each paragraph on this:
A confidence interval is simply a range of values (based on a sample population) to which a specific parameter may/can/likely find a specific population parameter.
In other words, the Confidence Interval tells you the likelihood of a specific descriptor of the population within a set range. The higher your confidence level, the larger your confidence interval.
What is a Confidence Level and what is one example of the use of the Confidence Interval?
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