Confidence Intervals Explained

One of the fundamental ideas in statistics is that of error. That might seem strange since we’re usually thinking about data as trying to be precise, but the reality is that in almost all cases, whatever statistical or data based conclusion we come to has some error built into it. If someone tells you that the average age of all Americans is 38.1 years, or that the average temperature in Miami in April is 80 degrees Fahrenheit, or that there are about 40 bear attacks in each year, what they’re really saying is that those are estimates with some error around them. Average age might be somewhere between 37 and 39, average temperature might be somewhere between 77 and 83 degrees, and there might be somewhere between 30 and 50 bear attacks each year. People might not explicitly state those ranges, but behind all their estimates, those ranges are there and they are typically called confidence intervals.
Welcome to Data Demystified. I’m Jeff Galak and in this episode we’re going to talk about confidence intervals. I’ll provide an intuitive explanation for what they are, explain what influences their range, and show you a quick demonstration using a bag of dice….to really drive home the intuition. And if you can’t tell yet, I’m all about intuition. No formulas today...just the ideas. After all, if you get the idea behind something complex, the rest is a whole lot easier to learn.
Link to video with more details on confidence intervals: • Confidence Intervals E...
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[@jennytaylor3962]

Best explanation I've found. Thank you.

[@msbkay]

this is going to sound crazy but u saved my life. LOL i have been trying to understand this concept in all the text and practice exam questions i have been taking and couldnt get it until i saw this video!! THANK YOU!

[@wendyudensi2843]

Wish i could give this video 5 likes. It was properly explained making it easy to understand. Thanks a lot

[@mritunjaysingh570]

Great explanation Jeff, kudos to you for the efforts, looking forward to more content like this from you.

[@north123456789123456]

You perfectly explain CI, thank you for this informative video.

[@DataDemystified]

Glad you found the video useful!

[@netflixsk5491]

Amazing! Thanks a ton. Well explained

[@hhli9907]

This is a really nice video - v precise! Just right amount of information we need!

[@DataDemystified]

Glad you found it useful!

[@_N0_0ne]

Thank you kindly ✍️

[@DataDemystified]

You are very welcome

[@franceso5266]

really good explanations thank you

[@ajaykulkarni576]

Great video, would like to see an intuition video on how to calculate the 95% and CLT?

[@DataDemystified]

Thanks for the suggestion! That's definitely something worth adding.

[@olw4196]

really well done

[@DataDemystified]

Thank you!

[@mlittlitt]

Love this channel!

[@SethWieder]

Tell me you play D&D without telling me play D&D
FWIW, I think keeping with the US metaphor and walking through a N=5 vs. N=1000 could show higher variability / lower confidence in low sample sizes
Still, helpful video. Thanks!

[@kayod6611]

Ahh yes, i now understand. Thanks prof.

[@DataDemystified]

Thank you!

[@iainisbald]

After watching this video my intuition is that larger variability needs a larger sample for high confidence. Because a small sample risks missing the extreme ends of the variability.
Is that right?

[@DataDemystified]

Spot on!

[@AP-br6dh]

Subscribed

[@karimj5905]

This is fantastic. I’ve been looking for videos to share with students that are intuitive like this. Do you have any online courses?

[@DataDemystified]

Thank you! I don't have an online course, but all my Data Intuition videos (playlist here: ruclips.net/p/PLmXNcJ-VjBYrySRGXmkJMHpw6O4E--XxC) are geared to exactly this idea of teaching data/stats in an intuitive way. I also have the asynchronous part of my MBA Marketing Research Class available here: ruclips.net/p/PLmXNcJ-VjBYpwk2UylXglwY1Vq6aYFz3B
Out of curiosity, what do you teach?

[@karimj5905]

@@DataDemystified Love it! I work in business analytics (specifically focused around customer retention) but I spend a good amount of time mentoring students and others trying to break into the field.

[@gautamiruvanti7592]

GOAT !!

[@andwecreate8326]

Plz 🙏 solve this;
The estimates of CMR for 4 wards in a village are 80, 90, 75 and 85. Find the estimate of CMR for that village at 95% confidence interval. P[t(3.025)=3.182]