Technical Calculator

Point Estimate Calculator

Just enter the values, click the “Calculate” button and get the most suitable point estimate.

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Point Estimate?

"A point estimate is the value that shows the maximum probable outcome of a variable"

This cost is taken from one or more samples to approximate an unknown populace parameter. it's far normally used whilst facts series for a whole populace isn't always a sensible option.

Formulation for point Estimate:

There are 4 unique point estimate formulation wherein each equation gives barely unique outcomes and need to be carried out relying on the situation. This factor estimate calculator selects the maximum applicable method by default and suggests the consequences in they all which might be indexed right below.

Most chance Estimation (MLE)

= x n

Wilson

= (x + z2/2) (n + z2)

Laplace

= (x + 1) (n + 2)

Jeffrey's

= (x + 0.5) (n + 1)

choosing a factor Estimation approach/strong>

After understanding the formulation, it's far critical to understand on which foundation we've decided on the equation. observe the underneath regulations to do that:

  • If MLE ≤ 0.5 - Use Wilson Estimation
  • If 0.5 < MLE < 0.9 - Use maximum likelihood Estimation (MLE)
  • If MLE ≥ 0.9 - pick out the smaller cost between Jeffrey and Laplace Estimations

A way to Calculate the factor Estimate?

Calculating point anticipated cost includes those steps:

Estimate the number of trials or sample size
discover the number of successes
Use the proper system according to the values

Example:

A basketball participant takes 9 unfastened throw shots and makes four of them. Calculate the excellent factor estimate of his success rate with a 95% confidence c language.

Given Values:

  • variety of successes = four
  • wide variety of Trials = 9
  • confidence interval level= 95%
  • Z-vital fee for 95% degree = - 1.96
                   Solution (Step-by-Step)
                   
                    MLE

= 4 9

= 0.4444

Laplace

= 4 + 1 9 + 2

= 5 11

= 0.4545

Jeffrey

= 4 + 0.5 9 + 1

= 4.5 10

= 0.45

Wilson

= 4 + ((-1.96)2 / 2) 9 + (-1.96)2

= 0.4611

For this reason, the 0.4611 is the satisfactory point estimation as MLE ≤ 0.5