Final answer:
The value added and subtracted from a point estimate to develop an interval estimate is known as the margin of error.
Step-by-step explanation:
The value added and subtracted from a point estimate in order to develop an interval estimate of the population parameter is known as the margin of error. The margin of error is a measure of the uncertainty associated with the point estimate and represents how much the point estimate is expected to vary.
For example, if a point estimate for the mean is 10 and the margin of error is 2, the interval estimate would be (10 - 2, 10 + 2), or (8, 12).
The margin of error depends on the desired confidence level. The higher the confidence level, the larger the margin of error.