Estimating Population Value

Explanation

The point estimate is the estimate of a particular value in the population.

The correct answer to the question is B. Point estimate.

When estimating a population value, a sample statistic is used. A sample statistic is a numerical value calculated from the data of a sample, which is then used to estimate an unknown population parameter.

A population parameter is a numerical characteristic of a population, such as the mean, standard deviation, or proportion. Since it is often impractical or impossible to collect data from an entire population, we typically select a sample from the population and use sample statistics to estimate the population parameters.

A point estimate is a single value calculated from the sample data that serves as an estimate of the population parameter. It is the most basic form of estimation. For example, if we want to estimate the population mean, we can calculate the sample mean as a point estimate of the population mean.

It's important to note that a point estimate is just an estimate and may not be exactly equal to the true population parameter. The accuracy of a point estimate depends on factors such as the representativeness of the sample and the sample size. However, with appropriate sampling methods and sufficiently large sample sizes, point estimates can provide reasonably accurate estimates of population parameters.

The other answer options are incorrect for this question:

A. None of these answers: This option suggests that none of the given answers are correct, which is not the case.

C. Parameter: This answer choice is incorrect because a parameter is the true, unknown value of a population characteristic, not a sample statistic used for estimation.

D. Interval estimate: This answer choice refers to a range of values that is used to estimate a population parameter, not the single value represented by a point estimate.

E. Sampling error: This answer choice refers to the difference between a sample statistic and the corresponding population parameter. It is not the sample statistic itself used for estimation.

Therefore, the correct answer is B. Point estimate, as it represents the single value calculated from the sample data to estimate a population value.