Intervals
Can also help me understand that why is it not a good thing to have a wider interval as in case of 99% and 95% (why 95% is preferred over 99%)?
1 answers ( 0 marked as helpful)
Hi Dulce,
When you have higher confidence (99%), the interval is much bigger.
As stated in the example, if you ask me about the average age, and I tell you: I'm 99% confident it is between 5 and 100 that's not really helpful. If at 95% confidence the interval is between 20 and 50, that is much, much more actionable information (I can actually refine my strategy using this information).
Best,
The 365 Team
The 365 Team