Asked by Lauren Devine on Apr 26, 2024
Verified
A point estimate is defined as:
A) the average of the sample values
B) the average of the population values
C) a single value that is the best estimate of an unknown population parameter
D) a single value that is the best estimate of an unknown sample statistic
E) a single value that is the best estimate of the upper range of a population parameter
Point Estimate
A single value or statistic that serves as the best guess or most probable value of an unknown population parameter.
Population Parameter
A numerical value that summarizes a characteristic of an entire population.
- Gain insight into the methodology for determining and understanding point estimates in multiple sample statistics.
Verified Answer
CT
Cyndi TochimaniApr 29, 2024
Final Answer :
C
Explanation :
A point estimate is a single value that is the best estimate of an unknown population parameter. It is usually calculated from a sample and used to infer something about the population. It is not the average of the sample or population values, nor is it the best estimate of an unknown sample statistic or the upper range of a population parameter.
Learning Objectives
- Gain insight into the methodology for determining and understanding point estimates in multiple sample statistics.