Which of these options is the best definition of a point estimate?
A) It is the average of the sample values.
B) It is the average of the population values.
C) It is a single value that is the best estimate of an unknown population parameter.
D) It is a single value that is the best estimate of an unknown sample statistic.

Question

Quizplus · Accepted Answer

A point estimate is a single value that is the best estimate of an unknown population parameter, not necessarily the average of the sample or population values. It is also not necessarily the best estimate of an unknown sample statistic, as the sample statistic may vary depending on the sample chosen.

Which of These Options Is the Best Definition of a Point