What is the purpose of point estimation in statistics?
- To calculate the variance of a dataset
- To compare two different datasets
- To estimate the range of possible values for an unknown population parameter
- To give a single best guess of an unknown population parameter
The purpose of point estimation in statistics is to provide a single "best guess" or "most likely" value for an unknown parameter of a population, such as the mean or the proportion. It's a single value that approximates an unknown parameter based on sampled data.
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