STATISTICAL TECHNIQUES AND TOOLS
CONCEPT OF POINT AND INTERVAL ESTIMATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False, it’s Interval Estimate
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Either A or B
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None of the above
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Detailed explanation-1: -A point estimate is a single value estimate of a parameter. For instance, a sample mean is a point estimate of a population mean. An interval estimate gives you a range of values where the parameter is expected to lie. A confidence interval is the most common type of interval estimate.
Detailed explanation-2: -Interval estimation (or set estimation) is a kind of statistical inference in which we search for an interval of values that contains the true parameter with high probability. Such an interval is called a confidence interval.
Detailed explanation-3: -A point estimate is a single number. Whereas, a confidence interval, naturally, is an interval. The two are closely related. In fact, the point estimate is located exactly in the middle of the confidence interval.