Estimate

Estimate is a term used in statistics and mathematics to denote an approximation or a value that is usable for some purpose even if input data may be incomplete, uncertain, or unstable. The value is nonetheless usable because it is derived from the best information available.

Definition

In statistics, an estimate is the particular value of an estimator that is obtained from a particular sample of data and used to indicate the value of an unknown population parameter. In other words, it is a statistic used to infer the value of an unknown parameter in a statistical model.

Types of Estimates

There are two types of estimates in statistics: point estimates and interval estimates.

Point Estimates

A point estimate is a single value given as the estimate of a population parameter that is of interest, for example, the mean of some quantity. This is the best guess of the unknown parameter given the data.

Interval Estimates

An interval estimate is defined by two numbers, between which a population parameter is said to lie. For example, a < 90% confidence interval for a parameter is an interval that, in repeated sampling, would contain the parameter approximately 90% of the time.

Estimation Methods

There are several methods used in statistics to estimate parameters, including Maximum Likelihood Estimation, Method of Moments, and Bayesian Estimation.

See Also

• Confidence interval
• Margin of error
• Standard error
• Sampling
• Statistical hypothesis testing

References

Estimate Resources
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