Differentiate between Point Estimation and Interval Estimation.

Point Estimation and Interval Estimation:

Point Estimation: Point estimation is a statistical method used to estimate a population parameter using a single value, which is referred to as the point estimate. The point estimate is calculated based on sample data and serves as a best guess or approximation of the true value of the parameter. Point estimates are commonly used for making predictions or drawing conclusions about the population based on the sample data.

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