Unlocking Precision: Confidence Intervals Redefine Range of Population Estimates
The article explains how to determine the accuracy of estimates by calculating confidence intervals. These intervals help us understand the likely range of values for things like average completion rates or satisfaction levels. To create a confidence interval, we need the average estimate, the variability estimate, the confidence level (usually 95%), and the sample size. Different methods are used for different types of data, like binomial metrics or task times. For small samples, the geometric mean is best, while for larger samples, the median is more accurate. By using these methods, we can better understand the reliability of our estimates.