Asked by Jayleen Ailani on Jul 01, 2024
Verified
Compare and contrast confidence intervals and prediction intervals.
Confidence Intervals
A range of values, derived from sample statistics, that is believed to contain the value of an unknown population parameter with a certain level of confidence.
Prediction Intervals
A prediction of the range within which future results are expected to occur, with a specified level of confidence, based on existing observations.
- Grasp the difference between confidence intervals and prediction intervals.
Verified Answer
JP
Jamil PittmanJul 04, 2024
Final Answer :
A confidence interval provides an interval estimate of a population parameter such as mean or proportion.A prediction interval provides a range for predicting the value of a new observation that is not a natural attribute of that population like mean or proportion.A confidence interval is associated with the sampling distribution of a statistic,but a prediction interval is associated with the distribution of the random variable itself.
Learning Objectives
- Grasp the difference between confidence intervals and prediction intervals.
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