Why do you prefer using confidence interval estimations instead of point estimate? Provide an example. Under what circumstances do you use a one-sided confidence interval instead of a two-sided confidence interval? How do you get a more precise confidence interval?

  1. Why do you prefer using confidence interval estimations instead of point estimate? Provide an example.
  2. Under what circumstances do you use a one-sided confidence interval instead of a two-sided confidence interval?
  3. How do you get a more precise confidence interval?

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