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Confidence Interval

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  • #43589

    Pradeep Sharma
    Participant

    Please read the following statment and help me understand “Confidence Interval of 2” and why 2
    “Sample size selected will always be appropriate to the type and volume of transactions hence the sample size of calls to be monitored would be computed as per the volumes of transactions at a 95% confidence level and confidence interval of 2.”

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    #138486

    dangwal
    Participant

    Pradeep –
    95% Confidence Interval relates to 1.96sigma on each side of the mean (ref Z table).
    this 1.96 is at times rounded to 2 for ease of calculations.

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    #138487

    Pradeep Sharma
    Participant

    Nitin, thanks for calirification, my next question would be:
    What would be its siginificance in terms of sampling, Why do we need to look at 95% confidence with confidence interval of 2, when we are selecting sample size.

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    #138489

    vishwanath
    Member

    Confidence IntervalHow “wide” you have to cast your “net” to be sure of capturing the true population parameter. If my estimate of defects is 10%, I might also say that my 95% Confidence Interval is plus or minus 2%, meaning that odds are 95 out of 100 hundred that the true population parameter is somewhere between 8 and 12%.

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