We define a 100(1 – α)% confidence interval for a given parameter, say θ, by specifying two random variables, θ’ 1(X) and θ’ 2(X), such that P \\ In statistical terminology, 1- α is called the degree of confidence or certainty. This probability is represented by (1 – α), where α is the level of significance. When constructing confidence intervals, we must specify the probability that the interval contains the true value of the parameter of interest. It differs from a point estimate which is a single, specific numerical value. Confidence interval (CI) refers to a range of values within which statisticians believe the actual value of a certain population parameter lies.
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