Which of the following is a difference between interval estimates and point estimates?
A)Point estimates cannot be used to calculate statistical error, while interval estimate is used to calculate statistical error.
B)Point estimates provide only a single value for a sample, while interval estimates provide us a range of values.
C)Point estimates indicate the magnitude of potential error in the estimate, while interval estimates don't.
D)Point estimates on an average provide more information than interval estimates.

Question

Quizplus · Accepted Answer

The main difference between interval estimates and point estimates is that the former provides a range of values while the latter provides only a single value. With a point estimate, we have no idea about the possible range of values that the population parameter could take. However, with interval estimates, we have a sense of how much variability exists in the population and how that might impact our estimates. Therefore, option B is the correct answer. The other options are incorrect as they do not accurately describe the difference between interval and point estimates.

Which of the Following Is a Difference Between Interval Estimates