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%)?
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).
The 365 Team