Question

What is a range of values between which the value of the population parameter is believed to be, along with a probability that the interval correctly estimates the true population parameter?

Answer 1

Confidence intervals

Explanation:

Confidence intervals offer a way to estimate, with high probability, a range of values in which the population value (or parameter) of a given variable is found.

In simple terms, a 95% confidence interval indicates that the population value is in a certain range of values with 95% certainty. As a general rule, the larger the sample size, the smaller the variability for estimating the interval, leading to more accurate estimators.