Best Point Estimation Formula

In statistics, Point Estimation involves calculation of single statistic value of an unknown population parameter with the use of sample data. The single statistic value is termed as "best estimate" or "best guess". This is called as best point estimation. To estimate the true value for a population, we take samples from the population and use the statistics obtained from the samples to estimate the parameter. Here is the Best point estimation formula to calculate the Maximum Likelihood Estimation (Best Point Estimation).

Formula:


MLE = S / T
Laplace = (S+1) / (T+2)
Jeffrey = (S+0.5) / (T+1)
Wilson = (S+(z2/2)) / (T+z2)


Where,

MLE = Maximum Likelihood Estimation
S = Number of Success
T = Number of Trials
z = Z-Critical Value
Find Z-Critical Value from Z table

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