Explanation of confidence interval in layman terms
[Q] If I want to compute the 99% confidence interval for the slope in linear regression analysis in R, does confint(lm(Y~X), level = 0.99) give me the right answer?
Need help calculating the 99% confidence level (I think?) for an event.
Finding a 99% Wald Confidence Interval
What is the Z-score for a 99% confidence interval?
The z-score for a two-sided 99% confidence interval is 2.807, which is the 99.5-th quantile of the standard normal distribution N(0,1).
Why use a 99% confidence interval instead of 95%?
How to find the margin of error for a 99% confidence interval?
To find the margin of error for a 99% confidence interval:
- Find
Z(0.99)(the z-score for 99% confidence) in the statistical table.
Z(0.99) = 2.576 - Calculate the standard error with the formula
SE = σ/√n, whereσis the standard deviation andnis the sample size. - Multiply
Z(0.99)by the standard error to obtain the margin of error,ME.
ME = Z(0.99) × SE
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How might you explain a frequentist confidence interval in layman terms? Say a 99% confidence interval with values 90 to 100. Not the definition, but the interpretation?
My thoughts go to if you produce 100 confidence intervals from random samples of the same population, 99 of those intervals will contain the true population parameter on average.
The actual interpretation I’ve learned from classes are “at the 99% confidence level, we estimate that the true population parameter is at least x and at most y.” I feel like I am missing something.
Any insight is appreciated.