Interpolation and extrapolation, Mathematics

Assignment Help:

Interpolation is a method of statistical estimation and the word literally means 'making insertions'. Let us consider a well-known situation which requires the use of interpolation. Assume the census is conducted once in ten years. So, typically the exact head count of the population of the country is available only for years 1921, 1931, 1941, 1951, 1961, 1971, 1981 and 1991. If we need to know population of the country for any intermediary year, say, 1985, one logical approach would be to work forwards from the population of 1981, by adding births and inflow of people into the country and deducting deaths and outflow of people from the country during the period 1981 to 1985. Though, this approach would give us an accurate population figure for 1985, the required data on births, deaths, inflow and outflow of people may be difficult to gather and the cost of compiling such data may exceed the benefit that may accrue from the exercise. The population figure for the year 1985, may be required to correlate the demand of a product with the population and the inferences to be drawn may not be highly sensitive to minor variations in the population figure. That is, while the data on population in 1985 is required, a one hundred percent accurate figure is really not required.

This is usually accomplished with a few steps of calculation and the figure so obtained is fairly correct as long as the assumptions underlying interpolation hold good.

Suppose, the same firm by studying the past correlation of demand for its products with the population wants to predict the demand for a future year, say, 1997, through a forecast of the population figure. This is possible through the use of the technique extrapolation.                          


Related Discussions:- Interpolation and extrapolation

How to calculate probability of event, Q. How to calculate Probability of e...

Q. How to calculate Probability of event? Ans. What chance do I have to toss the coin and get a head? You might think 50-50, 50%. What about tossing it 5 times and getting

Organized list strategy, i can not figer out my homework it says "USE THE M...

i can not figer out my homework it says "USE THE MAKE AN ORGANIZED LIST STRATEGY,Medeline bikes 4 laps around her neighborhood 2 times a week.How many laps does she bike in 8 weeks

How would the society be strengthened, All things considered, in a sense of...

All things considered, in a sense of ethnicity (a sense of identification with and loyalty to one's group) good or bad? is it harmful or helpful? What would be lost if Americans lo

Triangles, if A be the area of a right triangle and b be one of the sides c...

if A be the area of a right triangle and b be one of the sides containing the right angle, prove that the length of the altitude on the hypotenuse is 2Ab/rootb^4+4A^2

Parametric curve - parametric equations & polar coordinates, Parametric Cur...

Parametric Curve - Parametric Equations & Polar Coordinates Here now, let us take a look at just how we could probably get two tangents lines at a point.  This was surely not

Parabola, write the equation of parabola of vertex(2,-3)and focus(_1,1)

write the equation of parabola of vertex(2,-3)and focus(_1,1)

Determine the eigenvalues and eigenvectors of the matrix, Determine the eig...

Determine the eigenvalues and eigenvectors of the subsequent matrix. Solution : The first thing that we require to do is determine the eigen-values. It means we require

Amy purchased 6 books how much did the books cost altogether, Amy purchased...

Amy purchased 6 books at $4.79 each. How much did the books cost altogether? Multiply 6 by $4.79; 6 × $4.79 = $28.74.

Probability, two coins are flipped once.what is the probability of getting ...

two coins are flipped once.what is the probability of getting two tails?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd