What does a 98% confidence interval mean?

Question

btaylor · Answer

I just want to check that I'm interpreting my data right...
"A 98% confidence interval means that, 98% of the time, the true value lies within X-Y".

Is this correct?

anonymous · Answer

Essentially, yes. If you were to perform the experiment of sampling repeatedly to  get a certain statistic (mean, for example) to approximate the unknown population parameter, the interval in question surrounding the statistic would include the population parameter 98% of the time.

anonymous · Answer

I other words, you have 98% confidence that your interval contains the population parameter.

btaylor · Answer

OK, that makes sense. Thanks!

anonymous · Answer

Check out the attached gif. It shows the idea of replicating the experiment, and that the parameter is included in the interval most of the time, but sometimes it is outside. The idea of repeating the experiment is essential to the understanding of CI's. https://onlinecourses.science.psu.edu/stat500/node/31

anonymous · Answer

ur welcome