POINT ESTIMATE Meaning and
Definition
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A point estimate refers to a single value obtained from a sample data set that is used to estimate an unknown population parameter. In statistics, it is common to have a limited amount of data available, making it impossible to directly measure population parameters. As such, point estimates are used as an approximation or best guess of these parameters.
To obtain a point estimate, researchers typically use various statistical methods and techniques, such as sampling, to extract data from a population. They then use this collected data to calculate a single value that represents the estimated value of the unknown parameter.
It is important to note that point estimates inherently contain some level of uncertainty and can vary from sample to sample. Since they are based on a limited amount of data, they may not be an exact or perfectly accurate representation of the true population parameter.
Nevertheless, point estimates serve as an initial estimate and a starting point for further statistical analysis and inference. They are commonly used in various fields, including market research, social sciences, and medical research, to assess characteristics of populations based on sample information. In summary, a point estimate provides a single value estimate for an unknown population parameter based on available sample data.
Common Misspellings for POINT ESTIMATE
- ooint estimate
- loint estimate
- 0oint estimate
- piint estimate
- pkint estimate
- plint estimate
- ppint estimate
- p0int estimate
- p9int estimate
- pount estimate
- pojnt estimate
- poknt estimate
- poont estimate
- po9nt estimate
- po8nt estimate
- poibt estimate
- poimt estimate
- poijt estimate
- poiht estimate
- poinr estimate
Etymology of POINT ESTIMATE
The word "point estimate" does not have a specific etymology on its own. However, breaking it down, we can analyze the origin of the individual words.
1. Point: This word comes from the Latin word "punctum", meaning "a small dot or mark". It evolved through Old French and Middle English to refer to a specific location or position.
2. Estimate: It originates from the Latin word "aestimare", meaning "to value or appraise". It entered English through French in the 16th century, initially with the sense of evaluating or appraising the worth of something.
When combined, "point estimate" refers to a value that represents a single best guess or approximation of a statistic or parameter. It is commonly used in statistics to describe a single value derived from data to estimate an unknown population parameter.
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