Ref: https://www.quora.com/What-is-the-difference-between-99-and-95-confidence-interval Confidence intervals are a little bit tricky in a sense that people don't define what they really mean by confidence interval. Now let me tell you a scenario using which you can start understanding CIs on a very basic level. Imagine you want to find the mean height of all the people in a … Continue reading Confidence Interval of Normal Distribution

Tag: Intuitive meaning

# Intuitive Meaning of Covariance

Ref: http://stats.stackexchange.com/questions/18058/how-would-you-explain-covariance-to-someone-who-understands-only-the-mean Sometimes we can "augment knowledge" with an unusual or different approach. I would like this reply to be accessible to kindergartners and also have some fun, so everybody get out your crayons! Given paired (x,y)(x,y) data, draw their scatterplot. (The younger students may need a teacher to produce this for them. 🙂 Each pair … Continue reading Intuitive Meaning of Covariance