Level Of Confidence
Level of Confidence is a statistical measure used to determine the range in which a population parameter, such as the mean or proportion, is likely to lie. It is calculated from a given set of data and is expressed as a percentage. The higher the level of confidence, the more certain we can be that the true population parameter falls within the calculated range. For example, a 95% level of confidence means that if we were to repeat a statistical experiment many times, we would expect the true population parameter to fall within the calculated range 95% of the time. Level of confidence is often used in hypothesis testing, where we compare a sample statistic to a population parameter to determine whether there is a significant difference between the two.
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