Why is interval estimation generally preferred over point estimation?
- Because it gives more accurate results
- Because it is easier to calculate
- Because it is less affected by outliers
- Because it provides a range of possible values rather than a single point
Interval estimation is generally preferred over point estimation because it provides a range of possible values rather than a single value. This range of values gives a better understanding of the uncertainty around the estimate, hence, it provides more information than a single point estimate.
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