Asked by Thomas Ingram on May 17, 2024
Verified
The basic difference between a point estimate and a confidence interval is ________.
A) a point estimate is used to estimate a sample statistic while a confidence interval is used to determine a population parameter
B) confidence intervals are statistically more certain than point estimates
C) a point estimate combines sampling error in a single value while a confidence interval is a range of value estimates
D) a point estimate is a single value while a confidence interval is a range of values
Point Estimate
A single value derived from sample data that serves as the best guess or estimation of an unknown population parameter.
Confidence Interval
A spectrum of figures, coming from sample data, predicted to hold the value of a hidden population characteristic.
Sampling Error
The error that occurs due to observing a sample instead of the whole population, which may cause sample statistics to differ from the actual population parameters.
- Differentiate between point estimates and confidence intervals and comprehend their respective uses.
Verified Answer
OZ
Orycia ZelemMay 19, 2024
Final Answer :
D
Explanation :
A point estimate is a single value that is calculated from a sample and used to estimate a population parameter. On the other hand, a confidence interval is a range of values that is likely to contain the true population parameter with a certain degree of confidence. Thus, the basic difference between a point estimate and a confidence interval is that a point estimate is a single value while a confidence interval is a range of values.
Learning Objectives
- Differentiate between point estimates and confidence intervals and comprehend their respective uses.