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What is confidence level and limits?
In statistics parameter related to population sample are estimated through confidence interval. The way of determination through which the frequency of observed intervals comprises parameter is measured is known as Confidence level.
An interval estimate in statistics is the confidence limits and these always come in terms of mean. So, this is very important here to know that the mean varies from one sample to the other and thus limits also get varied. Moreover, confidence limits are explained and expressed in terms of confidence levels and confidence coefficient.
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What are the important factors affecting limits of interval?
- Increasing sample size is an excellent way to acquire precise estimates.
- Confidence interval will be larger if the sample standard deviation is larger.
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