Title: Difference between Confidence Level and Confidence Interval
Headings: Difference between Confidence Level and Confidence Interval
Difference between Confidence Level and Confidence Interval
Content: Therefore to statistically state the range of an estimated/predicted value: the term confidence level is used. It is the probability that the population parameter value lies between a specified ‘Range’. This specified range (21s to 25s) is the Confidence Interval. Confidence interval is always expressed in percentage and most of the statistical calculations use a value of 95% or 99%, depending upon the accuracy of data needed. Confidence interval is always in the same unit as the population parameter or sample statistic. Confidence interval is generated/calculated using the confidence level required by the user with the help of z table/t table/chi-square table based on the distribution. Confidence Intervals are mostly used in hypothesis testing to validate an assumption and in methods like correlation, regression etc, to arrive at intervals for the required confidence level.