Compare and contrast the use of confidence intervals and point estimates in research applications. Which one or both would be more useful in a business setting? Why? What is the most controllable method of increasing the precision (narrowing) of the confidence interval?© BrainMass Inc. brainmass.com June 3, 2020, 9:52 pm ad1c9bdddf
A confidence interval is an interval estimate of a population parameter. Instead of estimating the parameter by a single value, an interval which is likely to include the parameter is given. Thus, confidence intervals are used to indicate the reliability of an estimate.
Point estimate involves the use of sample data to calculate a single value (known as a statistic) which is serve as a "best ...
The solution provides 260 words comparing and contrasting the uses of confidence intervals and point estimates.