The use of confidence or fiducial limits

Subject: People

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Published: September 21, 2022
Updated: September 21, 2022
University / College: University of Pittsburgh
Level: Masters
Language: English
Downloads: 23

As humans cannot know everything, so they rely on educated guesses, that could be referred as probability, via deploying confidence interval for mean and proportion, statistical community attempts to fabricate a bracket of numeric values, that might contain the desired parameter with usually 99%, 98% and 95% probability.
The examples confidence interval for mean could be, if someone wants to estimate the average population of a forest in different time periods or a doctor interested in quantifying the average number of people dying from a particular disease. The example of proportion could be taken as the number of voters, opting for a peculiar candidate in the elections.

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