Engineering Probability
A confidence interval is a range of values that is used to estimate the true value of a population parameter with a certain level of confidence. This statistical tool helps quantify the uncertainty around sample estimates, providing a lower and upper bound within which the true parameter is likely to fall. By expressing results in this way, it facilitates decision-making and risk assessment in various fields, particularly when dealing with distributions like the Poisson distribution and techniques such as Monte Carlo simulations.
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