A point estimator is a single value calculated from sample data that is used to estimate an unknown population parameter.
Here's an example:
Scenario: Imagine you want to know the average height of all students at a university. You can't measure everyone, so you take a random sample of 100 students and calculate their average height. This average height of the sample is a point estimator for the unknown average height of the entire student population.
Other examples of point estimators:
- Sample mean: Used to estimate the population mean.
- Sample proportion: Used to estimate the population proportion.
- Sample variance: Used to estimate the population variance.
Key takeaways:
- Point estimators are used to provide a best guess for an unknown population parameter.
- They are based on sample data and provide a single value estimate.
- Point estimators are commonly used in statistical inference to draw conclusions about populations based on sample data.
