Question: Explain the difference between point estimate and interval estimate. Provide examples in your discussion of the differences. [5 points] How do you increase your confidence

  1. Explain the difference between point estimate and interval estimate. Provide examples in your discussion of the differences. [5 points]

  1. How do you increase your confidence in the accuracy of your estimates? Put differently, how do you reduce the risk of inaccurate estimation? What are possible trade-offs in increasing confidence? [5 points]

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