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a year ago

Confidence Intervals Unlock Precise Insights, Transforming Decision-Making Across Industries.

Society for Industrial and Applied Mathematics eBooks
Chapter 50: Evaluating Confidence Intervals: Length and Coverage Probability

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The article discusses how confidence intervals are used to estimate parameters in statistics. It explains that the coverage probability of a confidence interval is the likelihood that it contains the true parameter value. For certain types of confidence intervals, like those for the mean of a normal population, the coverage probability matches the intended confidence level (e.g., 95%). This means that if the population is truly normal, the confidence interval will capture the population mean accurately 95% of the time.