Estimations, Predictions And Strengths
Short Answer questions.
Estimations and Predictions
Read the Learning Activity titled “Estimation and Prediction.” In your own words, explain why the confidence intervals found in Examples 1 and 2 are not describing the same thing. What condition in the problem determines whether you are finding an estimate or making a prediction? If you were presented a scatterplot graph of the same data set with the regression equation included, where would you locate the exact answer to the average value of a four-year old car? Where would you find the estimate for the average value of a four-year old car?
Strengths and Limitations of Statistical Analysis
Review the Learning Activity titled “Strengths and Limitations of Statistical Analysis.” Also, follow the second link provided in the subsequent Learning Activity, “Navigating Statistical Analysis,” and read the associated article. Are these two sources identifying the same set of limitations? If so, then provide your own example of a limit of statistical analysis that was not previously identified and explain why that is a limit. If not, then characterize (compare/contrast) what each source is focusing on as the nature or type of limitation being discussed.