Points Estimates

An estimate is a point estimate when we use only one certain value to describe what we think about the whole population [1]


Examples

  • $\bar{x}$ - sample mean, $\mu$ - population mean, $\bar{x}$ estimates $\mu$
  • $\hat{p}$ - estimate of proportion, $p$ - true proportion
  • $s$ - sample Standard Deviation, $\sigma$ - std of population
  • etc

Point estimates are not necessarily good, but they tend to become better as we collect more data


Standard Error

Standard Error - a measure of uncertainty associated with this point estimate


Confidence Intervals

A point estimate - is a single plausible value for a parameter

  • but one point is rarely enough - we'd like to have a range of plausible values
  • so we typically use Confidence Intervals


See Also

Sources