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: https://youtu.be/UTHrv7YAzhM
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Camtasia for Video Editing: https://amzn.to/2ZRPeAV