The Use of Confidence or Fiducial Limits

As humans cannot know everything, so they rely on educated guesses, that could be referred as probability, via deploying confidence interval for mean and proportion, statistical community attempts to fabricate a bracket of numeric values, that might contain the desired parameter with usually 99%,98% and 95% probability.
The examples confidence interval for mean could be, if someone wants to estimate the average population of a forest in different time periods or a doctor interested in quantifying the average number of people dying from a particular disease. The example of proportion could be taken as the number of voters, opting for a peculiar candidate in the elections.

You Might Also Like