From the course: Excel Statistics Essential Training: 2
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Introduction to confidence intervals - Microsoft Excel Tutorial
From the course: Excel Statistics Essential Training: 2
Introduction to confidence intervals
- [Instructor] Confidence intervals are statistical tools. They are both very helpful and very efficient. Depending on the situation, confidence intervals allow us to guess at either the true average or the true proportion for an entire population. And here's the incredible thing. They can do it with the use of only one single sample. So how is this done? Well, a confidence interval might provide us with a result that looks like this. We are 95% confident that the average adult in the United States sleeps between five and seven hours per night. When you read that, I want you to remember, with one simple random sample, this statistician created an interval, an interval that stretches from a lower limit to an upper limit. In this case, it's stretched from five to seven hours. Perhaps even more interesting, though, the statistician assigned a level of confidence to that interval. In this example, the statistician…
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