What is the term for the value added or subtracted from a point estimate to form an interval estimate of a population parameter?

The term that refers to the value added or subtracted from a point estimate to create an interval estimate of a population parameter is known as the margin of error. This concept is essential in statistics because it provides a way to quantify the uncertainty associated with a point estimate, such as a sample mean. By adding and subtracting the margin of error from the point estimate, you establish a range within which you can be confident that the true population parameter lies, giving rise to what is known as a confidence interval.

For instance, if you have a sample mean of 50 and a margin of error of 5, the confidence interval would be from 45 to 55. This interval reflects the level of precision of the point estimate and accounts for sampling variability.

The other options represent different statistical concepts. A confidence interval is the overall range that results from the point estimate plus and minus the margin of error, rather than being the value itself. The sample mean is simply the average of sampled data and does not inherently convey any information about the uncertainty of estimating a population mean. Lastly, standard deviation measures the variability of data within a sample and does not directly indicate how to adjust a point estimate. Thus, the margin of error is the key component that facilitates the