What is a confidence interval?
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A confidence interval is an interval that bounds an estimate of an unknown quantity. It gives a probability that the unknown quantity lies within the confidence interval. Confidence intervals are a common tool in statistics for making an estimate of an unknown quantity. They are often used to assess the accuracy of the estimate and to make predictions about a specified population.