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What is a confidence interval, how do you construct one, why do they sometimes fail, and...

What is a confidence interval, how do you construct one, why do they sometimes fail, and what is the success rate of this procedure?

Math   Statistics-And-Probability   
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Answer #1

A confidence interval calculates the probability that a population parameter will fall between two set values.

A 95% confidence interval means that we are 95% sure that the parameter will fall within the two set values.

We usually have 95 and 99% confidence interval.

Confidence interval = sample statistic + Margin of error

For constructing confidence interval, we need to find the margin of error.

It can fail sometimes as we already mentioned that we are 95% sure in the case of 95% confidence interval that the parameter will lie within the two sets values.

The success rate is quite high. For better success rate, we can go for higher confidence interval such as 99%.

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