Question

What is statistical inference? How do you find a confidence interval? Use a supporting example to explain how to find confidence intervals.

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Answer 1

Statistical Inference : This can be defined as the " Process of drawing conclusions about population from data "

The statistical inference is very important in order to analyze the data properly,

this inference refers to the process of drawing conclusions from the model estimation

there are three basic statistical concepts that are present,

a)Effect estimate,

b) Confidence interval,

c) P-value,

and these concepts are applied to the comparisons of the proportions, means, and medians.

we can find out the confidence level in 4 easy steps :

a) First identify sample statistic like sample mean or proportion that can be used to estimate the population parameter

b) Select the confidence levels

c) Now find the margin of the error

d) lastly specify the confidence intervals

Formula for Confidence intervals is

Confidence interval = sample statistic + Margin of error

.