Final answer:
Interval estimation suggests a range where we expect the population parameter to fall. It is a statistical technique that allows us to estimate the value of an unknown population parameter, such as the population mean, with a certain level of confidence.
Step-by-step explanation:
Interval estimation suggests a range where we expect the population parameter to fall. It is a statistical technique that allows us to estimate the value of an unknown population parameter, such as the population mean, with a certain level of confidence.
For example, a 95 percent confidence interval for the population mean would indicate that we estimate with 95 percent confidence that the true value of the population mean falls within a specific range. The range is calculated using a point estimate (such as the sample mean) and an error bound margin (EBM).