**Estimation in Statistics**- 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 μ. - Interval
**estimate**. An interval**estimate**is defined by two numbers, between which a population parameter is said to lie.

Also, why do we use estimation in statistics?

The process of

**estimation is**carried out in order to measure and diagnose the true value of a function or a particular set of populations. Several**statistics are used**to perform the task of**estimation**. There**are**two very important terms that**are used**in**estimation**: the estimator and the**estimate**.Also to know, what is estimation theory in statistics?

**Estimation theory**is a branch of

**statistics**that deals with

**estimating**the values of parameters based on measured empirical data that has a random component. The parameters describe an underlying physical setting in such a way that their value affects the distribution of the measured data.

Why do we need estimation?

**We estimate**for these reasons: An order-of-magnitude size means

**we want**to invest just enough time in the

**estimate**that

**we**believe in the accuracy of it for planning purposes.

**We want**to know when

**we**will be done, because

**we**are close.

**We need**to allocate money or teams of people for some amount of time.

What is estimate and types?

There are two

**types**of**estimates**namely approximate**estimate**and detailed**estimate**.Approximate**estimates**means working out the cost of buildings based onplinth area and plinth area rates; working out the**estimated**cost of various road works based on sq.m area; Calculating the roughcodt of bridges or culverts on running