One of the major applications of statistics is estimating population parameters from sample statistics. For example, a poll may seek to estimate the proportion of adult residents of a city that suppor...One of the major applications of statistics is estimating population parameters from sample statistics. For example, a poll may seek to estimate the proportion of adult residents of a city that support a proposition to build a new sports stadium. Out of a random sample of 200 people, 106 say they support the proposition. Thus in the sample, 0.53 of the people supported the proposition. This value of 0.53 is called a point estimate of the population proportion. This is called a point estimate.
