Advantage of interval estimate over point estimate
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Advantages of Interval Estimation over Point Estimation. ... An interval estimate (i.e., confidence intervals) also helps one to not be so confident that the population value is exactly equal to the single point estimate.
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The main advantage of using interval estimation is that it provides a range of values with a certain probability of capturing a population parameter.
Explanation:
The problem with using a point estimate is that it's the best guess you can make about the population parameter values, but it's also usually wrong. Interval estimating overcomes this problem by using interval estimating methods based on estimates and tolerances.
Scoring and interval estimate are two forms of estimating population parameters for sample data . Points are calculated very easily. However , interval estimate is a much more powerful and practical approch than estimation.
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