In descriptive statistics, what is the "confidence level"?

Discussion in 'Microsoft Excel Charting' started by Dora Smith, Feb 11, 2007.

  1. Dora Smith

    Dora Smith Guest

    Here are teh descriptive statistics for one of my columns.

    Total Records Collected

    Mean 617,416.82
    Standard Error 38,027.85
    Median 629,507.50
    Mode #N/A
    Standard Deviation 201,224.45
    Sample Variance 40,491,281,082.30
    Kurtosis -0.26
    Skewness 0.21
    Range 829,194.00
    Minimum 248,690.00
    Maximum 1,077,884.00
    Sum 17,287,671.00
    Count 28.00
    Confidence Level(95.0%) 78,026.70



    I thought it would be great to get the confidence interval, but instead it
    gives me a "confidence level" that doesn't even make sense, and the manual
    does not discuss what the "confidence level" is. Frankly the number is
    far too small in relation to the mean and the standard deviation to appear
    to make sense.

    I want to know the level one can have 95% confidence of achieving. That's
    the only confidence level that has any meaning to me. That figure would
    have to be a couple of standard deviations above 617,000, it seems to me.
    Not, 78,026. Since the SD is 201,000, what does the number 78,026 even
    mean?

    What exactly is Excel's "confidence level"?

    --
    Yours,
    Dora Smith
    Austin, TX
     
    Dora Smith, Feb 11, 2007
    #1
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  2. Dora Smith

    Guest Guest

    Answered in the worksheet.functions newsgroup. Please do not separately post
    the same question to multiple groups.

    Jerry

    "Dora Smith" wrote:

    > Here are teh descriptive statistics for one of my columns.
    >
    > Total Records Collected
    >
    > Mean 617,416.82
    > Standard Error 38,027.85
    > Median 629,507.50
    > Mode #N/A
    > Standard Deviation 201,224.45
    > Sample Variance 40,491,281,082.30
    > Kurtosis -0.26
    > Skewness 0.21
    > Range 829,194.00
    > Minimum 248,690.00
    > Maximum 1,077,884.00
    > Sum 17,287,671.00
    > Count 28.00
    > Confidence Level(95.0%) 78,026.70
    >
    >
    >
    > I thought it would be great to get the confidence interval, but instead it
    > gives me a "confidence level" that doesn't even make sense, and the manual
    > does not discuss what the "confidence level" is. Frankly the number is
    > far too small in relation to the mean and the standard deviation to appear
    > to make sense.
    >
    > I want to know the level one can have 95% confidence of achieving. That's
    > the only confidence level that has any meaning to me. That figure would
    > have to be a couple of standard deviations above 617,000, it seems to me.
    > Not, 78,026. Since the SD is 201,000, what does the number 78,026 even
    > mean?
    >
    > What exactly is Excel's "confidence level"?
    >
    > --
    > Yours,
    > Dora Smith
    > Austin, TX
    >
    >
    >
    >
     
    Guest, Feb 11, 2007
    #2
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  3. If you look at the figures, the confidence level looks more related to the
    standard error, rather than to the standard deviation. It therefore looked
    as if it related to confidence in estimating the population mean from this
    sample.

    This seems to be confirmed at
    http://cameron.econ.ucdavis.edu/excel/exstat.html
    --
    David Biddulph

    "Dora Smith" <> wrote in message
    news:45cf182d$0$1360$...
    > Here are teh descriptive statistics for one of my columns.
    >
    > Total Records Collected
    >
    > Mean 617,416.82
    > Standard Error 38,027.85
    > Median 629,507.50
    > Mode #N/A
    > Standard Deviation 201,224.45
    > Sample Variance 40,491,281,082.30
    > Kurtosis -0.26
    > Skewness 0.21
    > Range 829,194.00
    > Minimum 248,690.00
    > Maximum 1,077,884.00
    > Sum 17,287,671.00
    > Count 28.00
    > Confidence Level(95.0%) 78,026.70
    >
    >
    >
    > I thought it would be great to get the confidence interval, but instead it
    > gives me a "confidence level" that doesn't even make sense, and the manual
    > does not discuss what the "confidence level" is. Frankly the number is
    > far too small in relation to the mean and the standard deviation to appear
    > to make sense.
    >
    > I want to know the level one can have 95% confidence of achieving.
    > That's the only confidence level that has any meaning to me. That figure
    > would have to be a couple of standard deviations above 617,000, it seems
    > to me. Not, 78,026. Since the SD is 201,000, what does the number
    > 78,026 even mean?
    >
    > What exactly is Excel's "confidence level"?
    >
    > --
    > Yours,
    > Dora Smith
    > Austin, TX
    >
    >
     
    David Biddulph, Feb 11, 2007
    #3
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