Point+Estimation

Point Estimate (Estimation) (GWU EMSE-271)
Index | Topics (Logical Lectures) | Lectures | Problems | Readings | Nomenclature | Concepts

"In statistics, **point estimation** involves the use of sample data to calculate a single value (known as a statistic) which is to serve as a "best guess" for an unknown (fixed or random) population parameter." - [|Wikipedia]


 * EMSE 271 "Definition:** A **point estimate** of a parameter theta is a single number that can be regarded as a sensible value for theta. A point estimate is obtained by selecting a suitable **statistic** and computing its value from the given sample data. The selected statistic is called **the point estimator** of theta." - EMSE 271 Fall 2009, Slide 57


 * More:**
 * Suitable statistics include the mean, mode and median, but . . ..
 * Quality estimates are determined by looking at distribution of random variables (of the estimator -- look at the sampling distribution_. Good characteristics: Symetric, average near true mean, minimum variance. - EMSE 271 Fall 2009
 * Estimators: (EMSE 280) (estimator is a suitable statistic)
 * Bayesian Point Estimate (EMSE 280)


 * Additional Information**

"More formally, it is the application of a point estimator to the data.

"In general, point estimation should be contrasted with interval estimation.

"Point estimation should be contrasted with general Bayesian methods of estimation, where the goal is usually to compute (perhaps to an approximation) the posterior distributions of parameters and other quantities of interest. The contrast here is between estimating a single point (point estimation), versus estimating a weighted set of points (a probability density function). However, where appropriate, Bayesian methodology can include the calculation of point estimates, either as the expectation or median of the posterior distribution or as the mode of this distribution.

"In a purely frequentist context (as opposed to Bayesian), point estimation should be contrasted with the specific interval estimation calculation of confidence intervals." - [|Wikipedia]


 * Sources:**
 * Point estimation. (2009, July 18). In //Wikipedia, The Free Encyclopedia//. Retrieved 17:33, October 17, 2009, from []
 * EMSE 271, Fall 2009 (Slides 57- )
 * EMSE 280, Spring 2009