The process of inferring the values of unknown population parameters from those of known sample statistics is called estimation.

Estimation

The process of finding an approximate value of some parameter—such as a mean or proportion—of a population, based on random sample data.

Population Parameters

Numeric values that summarize and describe characteristics of an entire population, such as mean, variance, or proportion.

Sample Statistics

Refers to the numerical data collected from a subset of a population, used to estimate the characteristics of that entire population.