December 2016
Beginner
388 pages
8h 35m
English
Content preview from Principles of Data ScienceBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Confidence intervals
While point estimates are okay estimates of a population parameter and sampling distributions are even better, there are the following two main issues with these approaches:
- Single point estimates are very prone to error (due to sampling bias among other things)
- Taking multiple samples of a certain size for sampling distributions might not be feasible, and may sometimes be even more infeasible than actually finding the population parameter
For these reasons and more, we may turn to a concept, known as confidence interval, to find statistics.
A confidence interval is a range of values based on a point estimate that contains the true population parameter at some confidence level.
Confidence is an important concept in advanced statistics. ...
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