Point Estimate Calculator

Point Estimate Calculator

This point estimate calculator enables to determine the pleasant bet of the populace parameter. To find the factor estimate, these calculations are primarily based on no. of successes and trials along with the self belief stage. Our tool automates the effects in four distinctive strategies which includes maximum chance (MLE), Wilson, Laplace, and Jeffrey's.

What is a factor Estimate?

"A factor estimate is the price that indicates the maximum possibly final results of a variable"

This fee is taken from one or extra samples to approximate an unknown populace parameter. it is normally used whilst statistics series for an entire population is not a practical alternative.

Formulas for factor Estimate:

There are 4 special factor estimate formulas in which each equation gives slightly specific effects and ought to be carried out relying at the state of affairs. This factor estimate calculator selects the most applicable approach through default and suggests the outcomes in they all that are listed right below.

Maximum probability Estimation (MLE)

= x n

Wilson

= (x + z²/2) (n + z²)

Laplace

= (x + 1) (n + 2)

Jeffrey's

= (x + 0.5) (n + 1)

Deciding on a point Estimation method

After knowing the formulas, it's miles important to recognize on which foundation we have decided on the equation. comply with the below rules to try this:

• If MLE ≤ 0.5 - Use Wilson Estimation
• If 0.5 < MLE < 0.9 - Use Maximum Likelihood Estimation (MLE)
• If MLE ≥ 0.9 - Choose the smaller value between Jeffrey and Laplace Estimations

How to Calculate the factor Estimate?

Calculating point estimated value involves these steps:

✤ Estimate the number of trials or sample size
✤ Find the number of successes
✤ Use the appropriate formula according to the values

Example:

A basketball participant takes 9 free throw photographs and makes 4 of them. Calculate the pleasant point estimate of his success rate with a ninety five% self assurance c program languageperiod.

Given Values:

• Number of successes = 4
• Number of Trials = 9
• Confidence Interval Level = 95%
• Z-Critical Value for 95% level = - 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

Hence, the 0.4611 is the best point estimation as MLE ≤ 0.5