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How to Calculate Point Estimate.
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How to Calculate Point Estimate.

Rosemary Njeri

Point estimation, in statistics, the process of finding an approximate value of some parameter such as the average of a population from random samples of the population.

Often point estimates are used as parts of other statistical calculations. For instance, a point estimate of the standard deviation is used in the calculation of a confidence interval for μ.

Formula to calculate point estimate.

Point estimates include;

  • Sample mean.
  • Sample standard deviation.
  • Sample variance.
  • Sample standard error for mean.

Example:

Find the point estimate if the sample ages of 4 employees out of 10 is 21 years, 24 years, 26 years and 28 years.

Calculate Point Estimate.

Therefore, the point estimate is 24.75 years.

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