Define interval estimation.
Understand the Problem
The question is asking for a definition of interval estimation, which is a statistical technique used to estimate a range of values within which a population parameter is expected to lie, along with a certain level of confidence.
Answer
Interval estimation is a statistical method for estimating a population parameter with a range of values.
Interval estimation is a statistical method for estimating a population parameter by calculating a range (interval) within which the parameter is expected to lie with a certain probability.
Answer for screen readers
Interval estimation is a statistical method for estimating a population parameter by calculating a range (interval) within which the parameter is expected to lie with a certain probability.
More Information
Interval estimation helps account for the sample variability by providing not just a single estimate but a range in which the parameter likely falls.
Sources
- Interval estimation | Definition & Facts - Britannica - britannica.com
- Interval estimation - Wikipedia - en.wikipedia.org
- Interval Estimate: Definition, Examples - Statistics How To - statisticshowto.com
