Demystifying Confidence Intervals with Examples

Navigating through uncertainty in data for extracting global statistical insights

Introduction

Confidence intervals are of the most important concepts in statistics. In data science, we often need to calculate statistics for a given data variable. The common problem we encounter is the lack of full data distribution. As a result, statistics are calculated only for a subset of data. The obvious drawback is that the computed statistics of the data subset might differ a lot from the real value, based …

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