Which of the following is an advantage of confidence interval estimate over a point estimate for a population parameter?
A)Interval estimates are more precise than point estimates.
B)Interval estimates are less accurate than point estimates.
C)Interval estimates are both more accurate and more precise than point estimates.
D)Interval estimates take into account the fact that the statistic being used to estimate the population parameter is a random variable.

Question

Quizplus · Accepted Answer

Interval estimates take into account the fact that the statistic being used to estimate the population parameter is a random variable. This means that a confidence interval provides a range of values within which the true population parameter is likely to fall, taking into account the variability in the sample statistic. In contrast, a point estimate only provides a single estimate of the population parameter, and does not account for the uncertainty and variability inherent in the sampling process. Therefore, interval estimates are generally more accurate and reliable than point estimates.

Which of the Following Is an Advantage of Confidence Interval