Statistics How To

Point Estimate: Definition

Statistics Definitions > Point Estimate

The sample variance is an example of a point estimate. Image: Boston University

The sample variance is an example of a point estimate. Image: Boston University

What is a Point Estimate

In simple terms, any statistic can be a point estimate. A statistic is an estimator of some parameter in a population. For example:

In more formal terms, the estimate occurs as a result of point estimation applied to a set of sample data. Points are single values, in comparison to interval estimates, which are a range of values. For example, a confidence interval is one example of an interval estimate.

Finding the Estimates

Four of the most common ways to find an estimate:

If you prefer an online interactive environment to learn R and statistics, this free R Tutorial by Datacamp is a great way to get started. If you're are somewhat comfortable with R and are interested in going deeper into Statistics, try this Statistics with R track.

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Point Estimate: Definition was last modified: October 12th, 2017 by Andale