What is the difference between a confidence interval and a prediction interval for the dependent variable in correlation analysis?
A) A prediction interval reports the mean value of Y for a given X, whereas a confidence interval reports the range of values of Y for a particular value of X.
B) A confidence interval reports the mean value of Y for a given X, whereas a prediction interval reports the range of values of Y for a particular value of X.
C) A confidence interval reports the value of Y for a given X, whereas a prediction interval reports the value of Y for a particular value of X.

Question

Quizplus · Accepted Answer

A confidence interval gives a range within which we expect the mean value of the dependent variable (Y) to fall for a given value of the independent variable (X), with a certain level of confidence. A prediction interval, on the other hand, provides a range within which we expect future observations of the dependent variable (Y) to fall for a specific value of the independent variable (X), accounting for the individual data points' variability around the regression line.

What Is the Difference Between a Confidence Interval and a Prediction