The best point estimate for the population mean is the sample mean, x . The best point estimate for the population variance is the sample variance, 2 s . We are going to use StatCrunch to find x and s.
The sample mean X is often the best point estimate of the population mean μ since the means of samples often vary less than sample medians or modes. Estimator – a specific statistic used to estimate a population parameter.
The sample standard deviation (s) is a point estimate of the population standard deviation (σ). The sample mean (̄x) is a point estimate of the population mean, μ. The sample variance (s2) is a point estimate of the population variance (σ2).
Best point estimate of population mean is sample mean. Sample measures are used to estimate population measures.