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Interval Estimates vs. Point Estimates & Practical Population Mean Data

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Question 1:

Why is an interval estimate for the population preferred to a point estimate?

Question 2:

In real business practices, is information about the population mean available? Discuss

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Solution Summary

Solution explains the benefits of interval estimates and how population means are found in real-world situations in 137 words.

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Question 1:
Why is an interval estimate for the population preferred to a point estimate?

A point estimate gives us a point, while an interval has an large multitude of values.
The point estimate is our ...

Solution provided by:
Chris Busu, PhD (IP)
Education
  • BSc, University of Bucharest
  • MSc, Ovidius
  • MSc, Stony Brook
  • PhD (IP), Stony Brook
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