What is a Confidence Level?Īll confidence intervals are constructed at a confidence level - for instance, 95 percent. Confidence intervals address this concern, as they provide a range of values which is likely to contain the population parameter of interest. However, researchers must always be weary of how well the sample statistic actually estimates the underlying population value. In other words, a confidence interval is a range of values that researchers can be fairly certain their true value of interest lies in.Īs we’ve previously discussed, the purpose of taking a random sample from a population of interest and computing a statistic, such as the mean, from the sample data, is to determine an approximate estimate of the mean of the greater population. Put simply, in statistics, a confidence interval is a type of interval estimate that is computed from the data that has been observed from a sample. Confidence intervals are an essential part of inferential statistics, upon which most market research is based.
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