Difference Between Interpolation and Extrapolation
The difference between Interpolation and Extrapolation are discussed in the table given below,
Interpolation | Extrapolation |
|---|---|
| It is the process of calculating a value between two points on the curve of a function from the given points which also lie on the same curve. | It is the way of predicting the magnitude of the reliant factor for an individual entity that is beyond the scope of the dataset. |
| As the name suggests, “inter”-polation works within the scope of the given data. | Extrapolation works outside the scope of the given data. |
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Interpolation Formula
Interpolation formula is a method to find new values of any function using the set of available values through interpolation. It is an important statistical tool used to calculate the value between two points on the curve of a function from the given points which also lie on the same curve.
In statistical analysis and interpretation, sometimes it is found that a given series happens to be incomplete rather than complete, i.e., some values in the series remain unknown. But to derive correct results, it becomes essential to find the missing or unknown values in the series. The statistical technique that is used to estimate the unknown values on the basis of available data is called interpolation.
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