Confidence interval: 99%
Hello,
Lecture 58 (see at 6:20).
When choosing the confidence interval of 99%, hence an alpha of 1%, can you please explain why did you choose the value 0.9951 and not 0.9949?
Both of these are equidistant to 0.995, and therefore, I was wondering if there was a general rule when rounding it or if this was just arbitrary.
I look forward to hearing from you,
Kind regards,
Jake
1 answers ( 0 marked as helpful)
Hello, Jake Lang!
That was arbitrary.
Either way, the result would be the same. 0.9951 is a bit (like a reeeally tiny bit) stricter than 0.9949.
If you are using software, then you would get the exact value: 0.995, instead of dealing with the table!
Best,
The 365 Team
The 365 Team