The terms of interpolation and extrapolation are extremely important in any statistical analysis. Extrapolation is the determination or estimation using a KNOWN SET of values or facts by extending it and taking it to an area or region that is unknown. It is the technique of inferring something using data that is available.

Interpolation on the other hand is the METHOD of determining a certain value which falls between a certain set of values or the SEQUENCE of values.

This is especially useful when you have data at the two extremities of a certain region but you don’t have enough data points at the specific point. This is when you deploy interpolation to determine the value that you need.

The terms of interpolation and extrapolation are extremely important in any statistical analysis. Extrapolation is the determination or estimation using a known set of values or facts by extending it and taking it to an area or region that is unknown. It is the technique of inferring something using data that is available.

Interpolation on the other hand is the method of determining a certain value which falls between a certain set of values or the sequence of values.

This is especially useful when you have data at the two extremities of a certain region but you don’t have enough data points at the specific point. This is when you deploy interpolation to determine the value that you need.