In statistics, point estimation involves the use of sample data to calculate a single value (known as a statistic) which is to serve as a "best guess" or "best estimate" of an unknown (fixed or random) population parameter.
More formally, it is the application of a point estimator to the data.
In general, point estimation should be contrasted with interval estimation: such interval estimates are typically either confidence intervals in the case of frequentist inference, or credible intervals in the case of Bayesian inference.
Read more about Point Estimation: Point Estimators, Bayesian Point-estimation, Properties of Point Estimates
Famous quotes containing the words point and/or estimation:
“If you give me a short shot I will attack you. I’m not a baseliner who rallies. I try to get the point over with.”
—Venus Williams (b. 1980)
“... it would be impossible for women to stand in higher estimation than they do here. The deference that is paid to them at all times and in all places has often occasioned me as much surprise as pleasure.”
—Frances Wright (1795–1852)