When should I use point and interval estimate?

statistics

#1

Hi,

I have started learning descriptive and inferential statistics on udacity .I have read about the confidence interval.I understood how the calculations are being done but couldn’t get the concept behind point estimate .I mean what is the signifance of point estimate and confidence interval.
Thanks


#2

A point estimate of a population parameter is a single value used to estimate the population parameter from a sample. As one sample is never the true representative of the population we cannot conclude things about the population from it. That is why we use confidence intervals so that we can estimate things for our population with a certain margin of error due to the incapability of our sample to represent the whole population.