Probabilistic Decision-Making
Confidence level is a statistical measure that indicates the degree of certainty or probability that a parameter, such as a population mean, falls within a specified confidence interval. It is commonly expressed as a percentage, such as 90%, 95%, or 99%, representing how confident researchers are that the true parameter lies within the calculated range. The choice of confidence level affects both the width of the confidence interval and the interpretation of hypothesis tests.
congrats on reading the definition of Confidence Level. now let's actually learn it.