Estimation (Point and Interval)

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  • In inferential statistics, estimation is the process of approximating some unknown parameter of interest. Point estimation uses the single value of an estimator (e.g., such as the mean, variance, or correlation) as the estimate of the value of the unknown population parameter of interest. Interval estimation uses a lower and an upper limit, a band, to bracket the estimated value of the unknown parameter of interest with a specified degree of probabilistic assurance. For example, 95% confidence intervals, which include the true population value 95% of the time, are common.

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