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Point Estimate Calculator

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Table of contents

What is a point estimate?
How to calculate the point estimate?
What is a good point estimate?
What is the difference between point estimation and interval estimation?
What are confidence intervals?
References
Finding an point estimate for given parameter is usefull technique to make data more usefull.
On this page you can calculate point estimate easily with our calculator. You will also learn key information regarding point estimations, such as, what makes a good point estimation.

What is a point estimate?

Point estimation is a statistical technique that finds an approximate value for a parameter, such as the mean of a population. Although its accuracy can't be known for certain, the accuracy of probabilistic statements can be constructed.
Defition of point estimate

How to calculate the point estimate?

Point estimate is calculated from the given parameter values.
Number of success (x)
Sample size (s)
Confidence level (α)
Z-index (z)
Point estimate formulas for the most commonly used techniques:
1. Maximum likelihood estimation (MLE)
x / s
2. Jeffrey estimation
(x + 0.5) / (s + 1)
3. Wilson estimation
(x + z²/2) / (s + z²)
4. Laplace estimation
(x + 1) / (s + 2)
As each method is suited for different occasions, their results vary a bit. Choosing the right results is still easy:
When (x/s = 1.0), choose the result of Laplace method.
When (0.9 ≤ x/s < 1.0), choose the result of Laplace or Jeffreys method (smaller one of these estimates).
When (0.5 < x/s < 0.9), choose the result of MLE.
When (x/s ≤ 0.5), choose the result of Wilson method.

What is a good point estimate?

An ideal point estimate must meet three conditions: Unbiased, consistent, and efficient.
1. Unbiased
Estimators expected value equals to the mean of a parameter.
2. Consistent
The value of an estimator comes closer to the value of a given parameter as its sample size increases.
3. Efficient
The estimator has the smallest deviation of all estimators.
Principles of quality estimation

What is the difference between point estimation and interval estimation?

A point estimate is an estimate of a parameter, which results in single value.
An interval estimate is a estimate that shows the range of values where result is expected to be.
Therefore the interval estimate differs from the point estimate as it returns a range of values instead single value as its results.

What are confidence intervals?

A confidence interval is a calculation that has a specific level of confidence. The level of confidence is the probability that the estimated parameter will be located in.

References

Hong, H.P., 1998. An efficient point estimate method for probabilistic analysis. Reliability Engineering & System Safety, 59(3), pp.261-267.

Angelica Miller
Article author
Angelica Miller
Angelica is a psychology student and a content writer. She loves nature and wathing documentaries and educational YouTube videos.

Point Estimate Calculator English
Published: Thu Sep 16 2021
In category Mathematical calculators
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