question archive Explain why a statement such as "estimate the mean response with 90% confidence" could not be answered using a point estimate
Explain why a statement such as "estimate the mean response with 90% confidence" could not be answered using a point estimate
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Explain why a statement such as "estimate the mean response with 90% confidence" could not be answered using a point estimate.
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The expression "point estimation" refers to the problem of finding a single number to estimate the parameter value. This contrasts with "confidence interval estimation" where we wish to find a range of possible values.
Step-by-step explanation
Estimate with a confidence level of 90% means that we are 90% confident that the population parameter lies within the 90% confidence interval.
A confidence interval provides an "interval estimate" of an unknown parameter (as opposed to a "point estimate"). It is designed to contain the parameter's value with some stated probability. The width of the interval provides a measure of the precision accuracy of the estimator involved. Point estimate is a single value .
The expression "point estimation" refers to the problem of finding a single number to estimate the parameter value. This contrasts with "confidence interval estimation" where we wish to find a range of possible.
