An actual number calculated from actual data points is called what?

An actual number calculated from actual data points is called what?

• A. Statistic
• B. Estimator
• C. Parameter
• D. Estimate

Answer: (D)

When you use data from a sample to infer something about a population, the numeric value you obtain is an estimate. So the actual number calculated from the data is the estimate because it serves as the best guess of the unknown population parameter based on that sample. The method or rule you apply to get that number is called an estimator (for example, taking the average of the sample is the estimator used to estimate the population mean). A parameter is the true population value you’re trying to learn, and a statistic is a numerical summary derived from the sample data itself—the distinction here is that the end result you report for inference is the estimate.

When you use data from a sample to infer something about a population, the numeric value you obtain is an estimate. So the actual number calculated from the data is the estimate because it serves as the best guess of the unknown population parameter based on that sample. The method or rule you apply to get that number is called an estimator (for example, taking the average of the sample is the estimator used to estimate the population mean). A parameter is the true population value you’re trying to learn, and a statistic is a numerical summary derived from the sample data itself—the distinction here is that the end result you report for inference is the estimate.