Confidence Interval Calculator
What Is Confidence Interval?
A confidence interval is a range of values that compute the level of certainty or uncertainty after analyzing a sampling method to predict a particular confidence level. You may take any number of probabilities by a confidence interval.
What Is The Confidence Interval Tool?
Confidence interval seems not easy to understand due to its complications. Consequently, people face problems while solving confidence interval problems too. Therefore, we provide you with an online platform known as the Confidence Interval Calculator tool that gives you free access to carry out all your confidence interval calculations easily and in no time.
This tool doesn’t require you to make an account on our website for calculations; you can access it directly as soon as you get an internet connection.
How To Use The Confidence Interval Calculator Tool?
To calculate the confidence interval value, you need to have a basic knowledge of solving mathematical problems manually. You cannot perform the calculation directly on the Confidence Interval Calculator, as you need to enter the mean value and standard deviation to obtain the result.
Following are the steps that can give you a confidence interval for the population mean within seconds:
- Firstly determine the sample mean based on the sample observations from the population data set and enter it in the respective field.
- Determine standard deviation (s) using the mean and the sample observations and enter them in the respective field.
- Enter the sample size (n) in the respective field.
- Click on the confidence level drop-down list and select your desired confidence level for your problem.
- Lastly, tap calculate button to obtain your desired results.
What Does The Result Contain?
- Upper bound: The smallest value would round up to the estimated value.
- Lower bound: The smallest value would be the next estimated value.
- The margin error tells you the difference between your results and the real population value in percentage points.
Q1. What is the application of the Confidence interval Calculator?
- Confidence Interval Calculator can be used in the time series analysis, where the sample data set displays a sequence of observations within some specific time range.
Q2. How do we interpret confidence intervals?
- If you consistently draw samples and use each to hunt for 99% confidence intervals for the population mean, then the true population means will be within 99% of these confidence intervals. The remaining 1% of intervals will not carry the true population mean.