This lesson is free - just sign in to access it.
This lesson is a part of the course Sampling and Estimation
Along with point estimate we may also want to find a range of values within which our population parameter lies with a certain confidence level (1 – α). This is called confidence interval estimate. The α is known as the significance level and the probability (1-α) is known as the degree of confidence or confidence level. An interval estimate provides more information about a population characteristic than does a point estimate.
