An observed value that can provide us with some idea as to what a parameter is equal to is called what?

An observed value that can provide us with some idea as to what a parameter is equal to is called what?

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

Answer: (A)

Estimating a population parameter using sample data. The observed value you get from the sample—the number you actually compute using your data—is called an estimate. It serves as a best guess of the unknown population parameter based on the information in the sample. The rule or method you use to produce that guess is an estimator, while the actual numerical result is the estimate. A statistic is a general term for any numerical summary computed from the sample, and the parameter is the true value of the characteristic in the population, which you’re trying to learn about. So, the observed value that gives us an idea of the parameter’s value is an estimate.

Estimating a population parameter using sample data. The observed value you get from the sample—the number you actually compute using your data—is called an estimate. It serves as a best guess of the unknown population parameter based on the information in the sample. The rule or method you use to produce that guess is an estimator, while the actual numerical result is the estimate. A statistic is a general term for any numerical summary computed from the sample, and the parameter is the true value of the characteristic in the population, which you’re trying to learn about. So, the observed value that gives us an idea of the parameter’s value is an estimate.