A single numerical value used as an estimate of a population parameter is known as a Opoint estimate. population parameter. mean estimator. parameter.

A point estimate is like your best guess for the average height of all the adults in a city based on a handful of sampled individuals. It gives you a single number, which acts as a representative of a whole group, making it a handy tool in statistics for making inferences without needing to measure everyone! In real-world scenarios, point estimates are vital for decision-making processes. For example, businesses often rely on point estimates to forecast sales based on a sample of customer behavior, helping them strategize and allocate resources effectively without having to survey every potential customer!