Question
upstudy study bank question image url

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

Ask by Cummings King. in the United States
Mar 16,2025

Upstudy AI Solution

Tutor-Verified Answer

Answer

A point estimate is a single number that estimates a population parameter.

Solution

Sign in to Unlock Answers for Free!

A Learning Platform Trusted by Millions of Real Students and Teachers.

star-icon Unlock

Answered by UpStudy AI and reviewed by a Professional Tutor

Beyond the Answer

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!

Related Questions

Latest Statistics Questions

Try Premium now!
Try Premium and ask Thoth AI unlimited math questions now!
Maybe later Go Premium
Study can be a real struggle
Why not UpStudy it?
Select your plan below
Premium

You can enjoy

Start now
  • Step-by-step explanations
  • 24/7 expert live tutors
  • Unlimited number of questions
  • No interruptions
  • Full access to Answer and Solution
  • Full Access to PDF Chat, UpStudy Chat, Browsing Chat
Basic

Totally free but limited

  • Limited Solution
Welcome to UpStudy!
Please sign in to continue the Thoth AI Chat journey
Continue with Email
Or continue with
By clicking “Sign in”, you agree to our Terms of Use & Privacy Policy