Home / Questions / What is the difference between a point estimate and an interval estimate An estimate of a...
What is the difference between a point estimate and an interval estimate?
An estimate of a population parameter may be expressed in two ways:
POINT ESTIMATION A point estimate of a population parameter is a single value of a statistic. For example, the sample mean ##barx## is a point estimate of the population mean μ. Similarly, the sample proportion p is a point estimate of the population proportion P.
INTERVAL ESTIMATION An interval estimate is defined by two numbers, between which a population parameter is said to lie.For example a < x="">< b="" is="" an="" interval="" estimate="" of="" the="" population="" mean="" μ.="" it="" indicates="" that="" the="" population="" mean="" is="" greater="" than="" a="" but="" less="" than="">
In any estimation problem, we need to obtain both a point estimate and an interval estimate. The point estimate is our best guess of the true value of the parameter, while the interval estimate gives a measure of accuracy of that point estimate by providing an interval that contains plausible values.
Apr 02 2020 Read more Less More
Light-driven electron transport in the chloroplast pumps H into the intermembrane space between the outer and inner membranes. (A) True (B) False
Mar 13 2018Target service costs, value engineering, activity-based costing. Lagoon is an amusement park that offers family-friendly entertainment and attractions. The park boasts mo...
Jul 19 2020Examples of equity-based alliances include strategic investment.a. True b. False2.A non-JV, equity-based alliance can be regarded as two firms “getting married,” but not ...
Feb 14 2020The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell. The slope between points C and D equalsA) 8.B) 4....
Dec 08 2019Explain the relationship between interest rates and the demand for money, as described by the Keynesians.7. Which group of economists believes that the velo...
Feb 11 2020Two textile companies, McDaniel-Edwards Manufacturing and Jordan-Hocking Mills, began operations with identical balance sheets. A year later both required additional manu...
Aug 23 2020If the short-run equilibrium position for a monopolistically competitive firm is P = $28.47, ATC = $22.13, and MC = MR = $17.47, which of t...
Dec 09 2019The moment of inertia of three rotors A,B and C are respectively 0.3, 0.6 and 0.18 kg-m2 . The distance between A and B is 1.5 m and B and C is 1 m. The shaft is 70 mm in...
Jun 20 2020Len Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance at June 30 is as follows. GARY CONSULTING Trial Balance June 30, 2022De...
Sep 14 2020A formal complaint or grievances is a written complaint by an employee with respect to the specific management act which has caused the negative impact upon the employee....
May 08 2020
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.
