Part A: Define (a) point estimate, (b) interval estimate, (c) confidence interval, and (d) confidence level.
Part B: List some common confidence levels. Why not use other confidence levels? Explain.
Part A: Definition
(a) Point Estimate:
The outcomes (e.g. mean, weighted difference, odds ratio, relative risk or risk difference) obtained in a sample which are used as the best estimate which is true for the related population from which the sample is taken.
It is desirable for a point estimate to be:
(1) Consistent: The bigger the sample size, the more precise the estimate.
(2) Unbiased: The expectation of the observed values of ...
The concepts of point estimate, interval estimate, and confidence levels are defined.