Confidence

- [Voiceover] The next approach for inferential statistics…that we want to talk about is confidence intervals.…These are methods that try…to directly answer the question, how big is it?…How big is the statistical effect,…the difference between the group means…or the association between the variables?…Next is you have to pick a level of confidence.…You have to choose this level.…95 percent is the most common.…Or as I show here with the concentric circles,…you can go in and make it a little bit narrower.…You can reach out and have a broader conclusion.…And the idea here is that the more confident you wanna be,…so for instance, going from 95 to 99,…you're gonna have a wider interval,…or you'll have a bigger circle in this particular example.…

There's also a trade-off between two elements.…The first one is accuracy.…Now, in confidence intervals in estimation,…accuracy means it's on target,…or it's centered around the true value.…More specifically, the confidence interval is accurate…if it contains the true population value.…