Fairly underrated channel. Dr Nic makes so so complex topics fairly easy to understand!!! Arguably one of the best stats channel out there. Till now before this video, I couldn't very well define Confidence Interval but now I can with ease.
Thanks great explanation , regarding confedince level : how do you know if a specific confedince interval contains the population parameter , if we don't know it ( after all we don't know the value of the true parameter ) ?
We don't know if the specific confidence interval contains the population parameter, which is why they are confidence intervals. Sometimes we simulate a real life situation so that we can show what is happening with a known population, but in real life we do not know.
When we choose that level of confidence, then the Z or t value that we use in the formula ties in with the normal distribution so that we have that level of confidence.
Hi Dr Nic, I'm confused about the "net theory". I believe that the narrower is the confidence interval, the more precise will be the values obtained from a sample, thus being generalizable to the population. The more is the confidence level, the higher is the chances to get a precise value, right? So, why wouldn't a higher confidence level cause the interval to be narrower as well, due to a narrower interval give rise to higher accuracy in relation to the population parameter. I find these concepts conflicting, do you mind clearing my doubt? Thank you :)
This is a very common confusion, which is why I use the example of a net. The narrower you make the confidence interval, the less likely it is to contain the true population parameter. It may be more precise but it is also less likely to be correct. Taken to extremes, if you wanted to be 100% confident to include the population parameter, you would make the interval (or net) very wide. Or if you make the interval very small around the sample statistic, it is very precise, but quite likely that it has missed the population parameter. Hope this helps - if not, ask again.
Most of these videos go too fast. Seems to be teaching someone who already has some prior understanding of these concepts but doesn’t address the needs of beginners trying to understand them.
The best video for confidence interval in RUclips. Thank you so much.
Wow, thank you!
Fairly underrated channel. Dr Nic makes so so complex topics fairly easy to understand!!! Arguably one of the best stats channel out there. Till now before this video, I couldn't very well define Confidence Interval but now I can with ease.
That is wonderful to hear.
Excellent, Excellent, Excellent, Excellent
Many many thanks
Really insightful and to the point. Thank you for the very well structured content.
You're very welcome! I think hard about my videos so it's nice to be appreciated.
These explanations are SOO GOOD!!!!!!
Glad you like them!
Recently it was my most important topic !!! Thankss!!
Glad it was helpful!
Great explanation, Thank you Dr.Nic
You are welcome!
i appreciate this video a lot 🙏 thank you so much ❤
You're so welcome!
You did great Mam.
Thanks - it's a tricky concept.
Thanks ❤️❤️❤️
You're welcome 😊
many thanks Doctor
Any time
Thanks great explanation , regarding confedince level : how do you know if a specific confedince interval contains the population parameter , if we don't know it ( after all we don't know the value of the true parameter ) ?
We don't know if the specific confidence interval contains the population parameter, which is why they are confidence intervals. Sometimes we simulate a real life situation so that we can show what is happening with a known population, but in real life we do not know.
@@DrNic yes thank you , indeed with simulations I get the same percentage of coverage
Excellent explanation madam.
Keep it up you are doing excellent work.
Thanks a lot. I used to get questions about this quite a bit, so I thought a video would be useful.
Very good! Thanks
Glad you liked it!
Thank you
You are most welcome
Why would we expect 95% of our C.I.'s from many different samples to contain the true population mean?
When we choose that level of confidence, then the Z or t value that we use in the formula ties in with the normal distribution so that we have that level of confidence.
Hi Dr Nic, I'm confused about the "net theory". I believe that the narrower is the confidence interval, the more precise will be the values obtained from a sample, thus being generalizable to the population.
The more is the confidence level, the higher is the chances to get a precise value, right? So, why wouldn't a higher confidence level cause the interval to be narrower as well, due to a narrower interval give rise to higher accuracy in relation to the population parameter.
I find these concepts conflicting, do you mind clearing my doubt? Thank you :)
This is a very common confusion, which is why I use the example of a net. The narrower you make the confidence interval, the less likely it is to contain the true population parameter. It may be more precise but it is also less likely to be correct. Taken to extremes, if you wanted to be 100% confident to include the population parameter, you would make the interval (or net) very wide. Or if you make the interval very small around the sample statistic, it is very precise, but quite likely that it has missed the population parameter.
Hope this helps - if not, ask again.
@@DrNic Ohh i see, I think now I got a better idea on how it works. Thanks Dr. Nic! 😄
i like it
Glad to hear it
Most of these videos go too fast. Seems to be teaching someone who already has some prior understanding of these concepts but doesn’t address the needs of beginners trying to understand them.
You are correct. You can always pause, slow them down or rewind if you need to.
Confidence interval sucks
They seem really tricky to start with, but the more you use them, the clearer it becomes. Watch the whole playlist and you should get a clearer idea.