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 x̄ 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.