CONFIDENCE LIMIT Meaning and
Definition
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A confidence limit, in statistical terms, refers to the range within which the true value of a population parameter is estimated to lie with a certain degree of confidence. It is a key concept used to quantify the uncertainty associated with a statistical estimate.
Confidence limits are typically calculated and expressed as an interval estimate, denoting the lower and upper boundary values. These boundaries represent the range within which the true value of the parameter is likely to fall. The degree of confidence associated with the estimate is often expressed as a percentage, commonly 90%, 95%, or 99%.
The process of determining confidence limits involves estimating the parameter using a sample from the population and taking into account the sample size, variability, and the desired level of confidence. The margin of error, often represented as a standard error or a critical value, is used to define the width of the confidence interval.
For example, if a confidence limit is calculated as 95%, it implies that if the same sampling procedure is repeated multiple times, 95% of the resulting confidence intervals will contain the true parameter value. A narrower confidence interval indicates a more precise estimate with lower uncertainty, whereas a wider interval indicates greater uncertainty. Thus, confidence limits provide valuable information for making statistical inferences and drawing conclusions about the population based on sample data.
Common Misspellings for CONFIDENCE LIMIT
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- congidence limit
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- conridence limit
Etymology of CONFIDENCE LIMIT
The word "confidence" comes from the Latin word "confidentia", which means trust, reliance, or assurance. It is derived from the Latin verb "confidere", meaning to trust or have full trust in someone or something.
The word "limit" comes from the Latin word "limitis", which refers to the boundary or border of something.
When combined, the term "confidence limit" refers to the boundary or range within which one can have trust or assurance in a certain outcome or result. In statistics, confidence limits define the range around an estimate within which the true value is likely to fall with a certain level of confidence or probability.
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