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Chapter 8: Q 8.1RP. (page 346)

Explain the difference between a point estimate of a parameter and a confidence-interval estimate of a parameter.

Short Answer

Expert verified

Point estimation involvesthe use of sample data to calculate a single value.

The confidence-interval estimate is measured using the point estimate.

Step by step solution

01

Explanation

We try to guess or estimate the unknown value of a population parameter using the value of a statistic in point estimation. This is a single value or point estimate of the parameter. The name point estimate comes from this.

In interval estimate, however, we measure a range within which the population parameter falls, with a confidence level represented in percentages. The point estimate is used to calculate the confidence interval estimate. The percentage indicates our level of certainty that the population parameter falls inside the estimated range.

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