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

Statistics

Share With

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.