Question.3096 - Discussion Title: Correlation and Regression The lecture described the difference between interpretation and extrapolation. Explain, in your own words, this difference and provide a real-life example of this difference.
Answer Below:
Interpolation vs. Extrapolation Extrapolation considers the range of the independent variables beyond the given values, whereas interpolation considers a relevant range for independent variables, i.e. within the largest and the smallest value. Interpolation helps to predict or find values within the relevant range whereas extrapolating can help in finding values outside the range too. In real life examples, it is used for estimating population within a given time using interpolation or predicts future estimates by extrapolation. Sometimes we have to extend data to cover places in which no data were measured. For example, we try to predict what the population will be in ten years, and all we have available is information about how population has grown in the past ten years. We have to extrapolate our information into the future. But to find the population in any particular time in last 10 years, we will have to use interpolation.More Articles From Statistics
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