parameter in a statistical population. It provides a best guess or an approximation of that parameter based on sample data. Common point estimates include:
- Sample Mean (x̄): Estimates the population mean (μ).
- Sample Proportion (p̂): Estimates the population proportion (p).
- Sample Variance (s²): Estimates the population variance (σ²).
While point estimates are useful for conveying a single value, they do not provide information about the uncertainty or variability associated with the estimate. To address this, interval estimates (like confidence intervals) can be used to give a range within which the parameter is likely to fall, accompanied by a measure of reliability.
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