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What is Confidence interval?
The term Confidence interval refers to an interval wherein a trial or an assessment falls tallying with a specified probability. It is useful in inferential statistics calculations. It is used to determine the possibility that a specific population parameter will lie within two particular sets of values. It can help to determine the accuracy of a measurement, and is frequently seen to be used on news channels after poll results are declared.
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What makes it significant?
Confidence Intervals are significant in understanding the stability of an evaluation, and informs about the possible range about the estimation. It is used to study and analyze the behavior of a specific population or cluster of people and drawing inference about that group. In can help figure out whether the estimate will differ from the survey that has just been conducted or will be close to the results of the survey.
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