Biological processes are often modelled using ordinary differential equations. The unknown parameters of these models are estimated by optimizing the fit of model simulation and experimental data. The resulting parameter estimates inevitably possess some degree of uncertainty. In practical applications it is important to quantify these parameter uncertainties as well as the resulting prediction uncertainty, which are uncertainties of potentially time-dependent model characteristics. Unfortunately, estimating prediction uncertainties accurately is nontrivial, due to the nonlinear dependence of model characteristics on parameters. While a number of numerical approaches have been proposed for this task, their strengths and weaknesses have not been systematically assessed yet. To fill this knowledge gap, we apply four state of the art methods for uncertainty quantification to four case studies of different computational complexities. This reveals the trade-offs between their applicability and their statistical interpretability. Our results provide guidelines for choosing the most appropriate technique for a given problem and applying it successfully.