Definition of Point estimate:
Approximation of a single quantity or a single numerical value, instead of that of a whole range of quantities or values.
A single value given as an estimate of a parameter of a population.
How to use Point estimate in a sentence?
- Although the use of discrete probabilities in a stochastic process certainly has an advantage over a single point estimate, the realistic a priori estimate of the probabilities can be a challenge.
- I told the researchers that I wanted a point estimate as to how many shirts we would sell at a price of ten dollars per shirt.
- You should try to figure out a correct point estimate before entering into any plan and deal with it accordingly.
- The point estimate was used in the meeting because we wanted an exact number to compliment our new financial model.
Meaning of Point estimate & Point estimate Definition