Seattle - belief Interval Calculations with Microsoft Excel
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Confidence intervals often give you beneficial insights into data sets you're trying to better understand. A confidence interval is the interval nearby a sample mean into which you expect the habitancy mean to fall a unavoidable percentage of the time.
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If you have a sample of size n and know the sample mean m and habitancy approved deviation sigma (s), you can find the range into which the actual habitancy mean will fall x% of the time. Common confidence levels are 90%, 95%, and 99%.
Using the confidence Function
The confidence function uses the following syntax:
=Confidence (alpha,s,n)
Alpha is the significance level. It equals 1 minus the confidence level (expressed as a decimal). The s discussion is the approved deviation of the data set. The n discussion gives the number of items in the sample.
An Example confidence Interval Calculation
For example, if a sample of 500 college graduates shows that they owe an mean of ,000
in learner loans at graduation and the habitancy approved deviation is ,000, you can find
a 95% confidence interval evaluation of the habitancy mean number owed.
To do this using the confidence function, enter alpha .05 as the first argument, the approved deviation 2000 as the second argument, and n 500 as the third argument. The function looks like this:
=Confidence (0.05,2000,500)
The function returns the value 175.30. So you can say with 95% confidence that the population
mean is ,000 plus or minus 5.30. (Note that if you have Microsoft Excel installed on your computer, you can copy the text shown above and paste the text into an Excel cell to make the calculation on your computer.)
One final note should be made here: If the value of the habitancy approved deviation is unknown, you can use the value of the sample approved deviation as the point evaluation of the habitancy approved deviation.
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