Estimate

Definition

In statistics, an estimate is a calculated value that approximates an unknown population parameter based on sample data. It provides information about the characteristics of the population using available information from a subset (sample).

Related terms

Point Estimate: A point estimate is a single value that represents the best guess or approximation for a population parameter based on sample data.

Sampling Error: Sampling error refers to differences between sample estimates and true population parameters due to randomness inherent in sampling.

Bias: Bias occurs when there is systematic favoritism or deviation from accuracy in estimating population parameters.