Estimation

It is a process by which sample data is used to estimate or approximate the value of an unknown population parameter.

The estimate can be expressed as a single value, known as a point estimate, or a range of values, known as an interval estimate.

Point Estimation

It is a process by which sample data is used to estimate or approximate the value of an unknown population parameter using a single value or a point.

Interval Estimation

It is a process by which sample data is used to estimate or approximate the value of an unknown population parameter using an interval.

Estimator

It is a rule, often expressed as a formula, that tell us how to calculate the value of an estimate based on sampled data.

e.g X bar

Point Estimator

Suppose we use an estimator to do point estimation, the estimator is said to be a point estimator of the population parameter.

e.g Suppose we use X bar to do point estimation, X bar is said to be a point estimator of the population parameter(mu).

Interval Estimator

Suppose we use an estimator to do interval estimation, the estimator is said to be an interval estimator of the population parameter.

e.g Suppose we use X bar to do interval estimation, X bar is said to be an interval estimator of the population parameter(mu).