Confidence Level

Definition

Confidence level refers to how confident we are that our interval estimate contains or captures the true population parameter. It represents our degree of certainty or reliability in estimating this parameter.

Related terms

Significance Level: The probability of rejecting the null hypothesis when it is actually true.

Standard Error: A measure of the variability or spread of sample statistics around their population parameters.

Hypothesis Testing: A statistical method used to make inferences about population parameters based on sample data and assumptions.