Definition of Point Estimate

Point estimation is simply the process of guessing and finding some unknown population parameter from a random set of data. Moreover, the sample size should be consistent and larger in this way the prediction will be more clear and perfect. The sample means is considered as a point estimation for the population mean of µ.


Example of Point Estimate:

In a school, finding the average number of taller students is much difficult and impossible. So, in that case, a statistician uses a point estimator to find out the unknown population parameter.

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