Enter the level of confidence for the confidence intervals and the prediction intervals for the predictions.
The 2003 guidelines of the International Conference on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use (ICH), recommend a confidence level of 95%. A 95% confidence level indicates that if you took many random samples from the population, the confidence intervals for approximately 95% of the samples would contain the mean response of the entire population. Similarly, the prediction interval indicates that you can be 95% confident that the interval contains the value of a single new observation.
For a given set of data, a lower confidence level produces a narrower interval, and a higher confidence level produces a wider interval. The width of the interval also tends to decrease with larger sample sizes. Therefore, you may want to use a confidence level other than 95%, depending on your sample size.
- If your sample size is small, a 95% confidence interval may be too wide to be useful. Using a lower confidence level, such as 90%, will produce a narrower interval. However, the likelihood that the interval contains the mean response decreases.
- If your sample size is large, you may want to consider using a higher confidence level, such as 99%. With a large sample, a 99% confidence level may still produce a reasonably narrow interval while increasing the likelihood that the interval contains the mean response.