ESTIMATION IN STATISTICS In statistics, estimation refers to the process by which one makes inferences about a population, based on information obtained from a sample. An estimate of a population parameter may be expressed in two ways: a. Point Estimate. A point estimate of a population parameter is a single value of a statistic. For example, the sample mean x is a point estimate of the population mean /. Similarly, the sample proportion P is a point estimate of the population proportion P. The best point estimate of the population mean (/) is the sample mean (X). Take note that the sample EX mean is computed using the formula X = n . b. Interval Estimate. An interval estimate is defined by two numbers, between which a population parameter is said to lie. For example, A