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

Linear algrebra, how do we solve multiple optimal solution

how do we solve multiple optimal solution

4th grade, Ray cut 6 pieces of rope . Each piece was between 67 and 84 inch...

Ray cut 6 pieces of rope . Each piece was between 67 and 84 inches long. What would be the total length of the 6 pieces of rope?

Application of linear function, four times an unknown number is equal to tw...

four times an unknown number is equal to twice the sum of five and that unknown number

Series solutions to differential equations, Before searching at series solu...

Before searching at series solutions to a differential equation we will initially require to do a cursory review of power series. So, a power series is a series in the form, .

Rolles theorem, Rolle's Theorem  Assume f(x) is a function which satis...

Rolle's Theorem  Assume f(x) is a function which satisfies all of the following. 1. f(x) is continuous in the closed interval [a,b]. 2. f(x) is differentiable in the ope

Explain adding and subtracting in scientific notation, Explain Adding and S...

Explain Adding and Subtracting in Scientific Notation? To add or subtract numbers in scientific notation, the numbers must be expressed so that they have the same exponent.

Find ways in which prizes are distributed between student, Find out the num...

Find out the number of ways in which 5 prizes can be distributed among 5 students such that  (a)   Each student may get a prize. (b)  There is no restriction to the number o

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