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Homework answers / question archive / Why? In statistics, most of what we are doing is coming up with an estimate
Why? In statistics, most of what we are doing is coming up with an estimate. If you use a single point estimate, our actual result (in our population) will not likely land on the single point but within a range or interval of confidence. If I can be 95% confident that the actual result is between two numbers, then I can decide if the difference is of practical value.