Discuss the difference between point estimates and interval estimates. Explain which estimate is more accurate.

Point estimates and interval estimates are both statistical terms used in inferential statistics. They are used to estimate the population parameter. However, they differ in the way they provide information about the parameter.

1. Point Estimate: A point estimate is a single value estimate of a parameter. For example, if you want to know the average height of students in a school, you might take a sample, calculate the average height of that sample, and use that as a point estimate of the average height of all students in the school. The most common point estimates are the sample mean, sample variance, and sample proportion.

2. Interval Estimate: An interval estimate, on the other hand, provides a range of values within which the parameter is estimated to lie. This range is calculated from a given level of confidence. For example, you might say that you are 95% confident that the average height of all students in the school is between 5.5 and 6 feet. This gives a more complete picture of the possible values the parameter could take.

As for which estimate is more accurate, it depends on the context. A point estimate is more precise as it gives a specific value, but it may not be accurate if the sample is not representative of the population. An interval estimate, while less precise because it gives a range of values, is generally more reliable because it accounts for sampling variability. It gives a range within which the parameter is likely to lie, which often makes it a safer choice for making predictions about the population.