Interval Estimate
Definition
An interval estimate provides a range within which we believe an unknown population parameter lies. It gives us an idea about how precise our estimate is and accounts for variability in sample statistics.
Analogy
Imagine you are trying to hit a target with darts. An interval estimate is like drawing a circle around where you think your darts will land. The larger the circle, the less precise your estimate, but it covers more possible outcomes.
Related terms
Margin of Error: The maximum amount by which an estimated value may differ from its true value.
Confidence Interval: A specific type of interval estimate that provides a range within which we are confident our population parameter lies.
Sampling Distribution: The distribution obtained by repeatedly sampling from a population and calculating statistics from each sample.
"Interval Estimate" appears in:
Are you a college student?
Study guides for the entire semester
200k practice questions
Glossary of 50k key terms - memorize important vocab
Resources
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.