Point estimate

Point estimate,

Definition of Point estimate:

  1. Approximation of a single quantity or a single numerical value, instead of that of a whole range of quantities or values.

  2. A single value given as an estimate of a parameter of a population.

How to use Point estimate in a sentence?

  1. 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.
  2. 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.
  3. You should try to figure out a correct point estimate before entering into any plan and deal with it accordingly.
  4. 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