in Data Science by
What is the difference between Point Estimates and Confidence Interval?

1 Answer

0 votes
by

Point Estimation gives us a particular value as an estimate of a population parameter. Method of Moments and Maximum Likelihood estimator methods are used to derive Point Estimators for population parameters.

A confidence interval gives us a range of values which is likely to contain the population parameter. The confidence interval is generally preferred, as it tells us how likely this interval is to contain the population parameter. This likeliness or probability is called Confidence Level or Confidence coefficient and represented by 1 — alpha, where alpha is the level of significance.

Related questions

0 votes
asked Nov 27, 2021 in Data Science by DavidAnderson
0 votes
asked Jan 2, 2020 in Data Science by sharadyadav1986
0 votes
asked Mar 4, 2020 in Agile by emanuela.scavizzi
...