Quantitative Methods – I Q1. Explain the following concepts - Difference between point estimate and interval estimate. (2 Marks) - Concept of confidence interval for any estimate (Mean / Proportion). (2 Marks) And solve the following question A sample of 30 students' test scores is randomly selected from a large class. The sample has a mean score of 85 points and a standard deviation of 6 points. Calculate the 99% and 95% confidence intervals for the population mean. (6 Marks)
Ans :
Introduction
Quantitative methods are essential statistical techniques used to analyze numerical data. These methods help researchers and analysts to draw meaningful conclusions and make informed decisions based on empirical evidence.
Concept & Application
Distinction between Point Estimate and Interval Estimate
A point estimate is a singular value derived from sample data that approximates a population parameter. It concisely encapsulates a sample’s data into a singular representative figure.
Conclusion
In conclusion, understanding the concepts of point estimates, interval estimates, and confidence intervals is fundamental to statistical analysis.
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