What is interval estimation?

Interval estimation is a statistical technique used to estimate an unknown population parameter (such as a mean or proportion) based on a sample of data. It involves calculating a range of values, called a confidence interval, that is likely to contain the true value of the parameter with a certain level of confidence. The level of confidence is typically expressed as a percentage, such as 95% or 99%, and represents the probability that the true value of the parameter falls within the calculated interval. Interval estimation is commonly used in hypothesis testing, where it is used to determine whether a sample statistic is significantly different from a hypothesized value.