Which of the following statements is the best definition of a point estimate?

• A. A point estimate is the true value of a $\mathrm{population}\mathrm{parameter}$.
• B. A point estimate is an interval of values that is likely to contain the $\mathrm{population}\mathrm{parameter}$ with a certain level of confidence.
• C. A point estimate is a single value calculated from sample data that serves as the best guess for an unknown $\mathrm{population}\mathrm{parameter}$.
• D. A point estimate is a range of possible values for a $\mathrm{sample}\mathrm{statistic}$.

Answer: (C)

Verified step by step guidance

1. Step 1: Understand the concept of a population parameter, which is a fixed value describing a characteristic of the entire population (e.g., population mean \( \mu \), population proportion \( p \)).
2. Step 2: Recognize that in practice, we often cannot measure the entire population, so we use sample data to estimate these unknown population parameters.
3. Step 3: Define a point estimate as a single numerical value calculated from the sample data that serves as the best guess or approximation of the unknown population parameter.
4. Step 4: Differentiate a point estimate from an interval estimate, where an interval estimate provides a range of values (called a confidence interval) that is likely to contain the population parameter with a specified confidence level.
5. Step 5: Conclude that the best definition of a point estimate is a single value derived from sample data used to estimate an unknown population parameter, not the true population value itself or an interval.