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Title: Why is a point estimate alone insufficient for providing a probabilistic estimate of a parameter? Post by: sweetapple718 on Feb 19, 2023 Why is a point estimate alone insufficient for providing a probabilistic estimate of a parameter? ▸ Because a point estimate only estimates the parameter, it will never provide us with its value. ▸ Although the point estimate provides a good guess for the parameter, it is a single value and, for a continuous variable, the probability the parameter equals this single value is 0. ▸ The calculation of the point estimate is too fraught with uncertainty to provide an accurate probability estimate. ▸ A point estimate is too static to accurately estimate a dynamic parameter. Title: Re: Why is a point estimate alone insufficient for providing a probabilistic estimate of a parameter? Post by: teamroket on Feb 19, 2023 Content hidden
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