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This lesson is a part of the course Sampling and Estimation
A point estimate is a single statistic value that is the “best guess” for the parameter value (such as population mean). The point estimates are calculated using formulas such as the formula to calculate the sample mean or standard deviation. These formulas are called estimators and the values calculated using these estimates are called estimates. To give an example, the sample mean calculated from a sample is a point estimate of the population.
