Interpolation and extrapolation, Mathematics

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.                          

Posted Date: 9/13/2012 8:00:29 AM | Location : United States







Related Discussions:- Interpolation and extrapolation, Assignment Help, Ask Question on Interpolation and extrapolation, Get Answer, Expert's Help, Interpolation and extrapolation Discussions

Write discussion on Interpolation and extrapolation
Your posts are moderated
Related Questions
Ask if tanA+sinA=m and m^2-n^2=4 rute mn show that tanA-sinA=n

the sum of the vector QR, -SR, TQ and 2ST is?


there are 300 students in the sixth grade. if 40% of them were girls, how many boys were there?

In parallelogram ABCD, ∠A = 5x + 2 and ∠C = 6x - 4. Find the evaluation of ∠A. a. 32° b. 6° c. 84.7° d. 44° a. Opposite angles of a parallelogram are same in measu

L.H.S. =cos 12+cos 60+cos 84 =cos 12+(cos 84+cos 60) =cos 12+2.cos 72 . cos 12 =(1+2sin 18)cos 12 =(1+2.(√5 -1)/4)cos 12 =(1+.(√5 -1)/2)cos 12 =(√5 +1)/2.cos 12   R.H.S =c

What is the median for this problem (55+75+85+100+100)

Determine if the subsequent series is convergent or divergent. Solution As the cosine term in the denominator doesn't get too large we can suppose that the series term

25% of babies born at Yale New Haven Hospital weigh less than 6 pounds and 78% weigh less than 8.5 pounds. What percent of the babies born at Yale New Haven Hospital weigh among 6

Hanna's sales target for the week is $5,000. So far she has sold $3,574.38 worth of merchandise. How much more does she required to sell to meet her goal? You must ?nd out the