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.

For example, if we want to estimate the average height of students in a school, a point estimate would be a single value representing the estimated average height based on the heights of a sample of students.

Interval Estimation: Interval estimation, also known as confidence interval estimation, is a statistical method that _________ _____ _________ ____ ___ ________ __________ ________ _____.
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