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:
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