Question

Explain and compare point estimation and interval estimation.

Answer 1

=> The main difference between point and interval estimation is the values that are used.

=> Point estimation uses a single value, the statistic mean,

For example, the sample mean x is a point estimate of the population mean μ. Similarly, the sample proportion p is a point estimate of the population proportion P.

=>Interval estimate. 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 b.