In statistics, an estimate is a calculated value that approximates an unknown population parameter based on sample data. It provides information about the characteristics of the population using available information from a subset (sample).
Related terms
Point Estimate: A point estimate is a single value that represents the best guess or approximation for a population parameter based on sample data.
Sampling Error: Sampling error refers to differences between sample estimates and true population parameters due to randomness inherent in sampling.
Bias: Bias occurs when there is systematic favoritism or deviation from accuracy in estimating population parameters.