Asked by Aikunduz Baltabaeva on May 02, 2024
Verified
{Movie Revenues Narrative} Which interval in the previous two questions is narrower: the confidence interval estimate of the expected value of y or the prediction interval for the same given value of x (10 years)and same confidence level? Why?
Confidence Interval
An aggregate of values, concluded from statistical review of samples, assumed to likely house the unknowable value of a population parameter.
Prediction Interval
A range of values that is likely to include the value of an unknown parameter for a future observation with a specified probability.
- Attain an understanding of the principle and deployment of prediction intervals.
Verified Answer
GW
Gursimran WarainchMay 07, 2024
Final Answer :
The confidence interval estimate of the expected value of y is narrower than the prediction interval for the same given value of x (10 years)and some confidence level.This is because there is less error in estimating a mean value as opposed to predicting an individual value.
Learning Objectives
- Attain an understanding of the principle and deployment of prediction intervals.
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