Asked by Maricela MacAuley on May 26, 2024
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The confidence interval estimate of the expected value of y will be wider than the prediction interval for the same given value of x and confidence level. This is because there is more error in estimating a mean value as opposed to predicting an individual value.
Confidence Interval Estimate
A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter, with a specified level of confidence.
Prediction Interval
A type of interval estimate of a predicted value of a variable based on a particular set of data, encompassing the uncertainty of the prediction.
Expected Value
The long-run average value of repetitions of the experiment it represents, in probability and statistics.
- Execute the calculation and interpretation of confidence intervals and prediction intervals for regression purposes.
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Learning Objectives
- Execute the calculation and interpretation of confidence intervals and prediction intervals for regression purposes.
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