Explain Briefly Why Interval Estimators Are Preferred to Point Estimators

question 29

Essay

Explain briefly why interval estimators are preferred to point estimators.

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Definitions:

Sum of Squared Errors

The total of the squared differences between the observed values and the values predicted by a model or the mean.

Variation

A measure of the spread or dispersion of a set of data points within a dataset.

Null Hypothesis

A default hypothesis that there is no significant effect or difference, and any observed variation is due to chance.

Normally Distributed

Describes a distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.