192. Confidence Intervals
Range within which we can be confident that the true value (population parameter) lies, based on the sample data
- Known population standard deviation ():
Where:
- : sample mean
- : z-score corresponding to the desired confidence level
- : population standard deviation
- : sample size
- Unknown population standard deviation ():
Where:
- : sample mean
- : critical value from t-distribution
- : sample standard deviation
- : sample size