Question 15
The following question has multiple parts, make sure you answer all of them.
Give the definition of a confidence interval.
When is it typically used?
Give an example of a real-world scenario when a confidence interval might be helpful.
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(a) Confidence Interval is defined as a range of values that there ia a specified probability that th value of a parameter lies within it.
(b) It is typically used for estimating a value of characteristic for which enumeration of the entire population is difficult and we have to depend on the estimation of a range of values for the desired population parameter calculated based on sample statistics.
(c) For example, you want to know how much the students of your college of 1000 students perform in an examination. It is practically very difficult to analyze the marks of all1000 students. So, you take a random sample of 50 students. From the marks of these 50 students arrive at a range of values of the entire college calculated based on the marks of sample of 50 students.
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