How to identify an appropriate point estimator and calculate the value of a point estimate.

We are going to figure out "what is a point estimator," and how to calculate it's value. In addition, we will identify population parameter.

0:00 Introduction.
0:20 Example 1, sample average, x-bar, and population mean, mu.
2:12 Definitions.
4:30 Table Summary.
5:58 Example 2, variability - average, S_x, and standard deviation,
sigma.
8:35 Example 3, sample proportion, p-hat, and population proportion p.
12:37 Your Turn: Exercise # 1 and Exercise # 2

Note:
A point estimator is a statistic that provides an estimate of a population parameter.
The value of that statistic from a sample is called a point estimate.
(Any statistics can be a point estimate.)
"A statistic is an estimator of some parameter in a population."

"Your Turn" to try:
Exercise # 1
A sample of 50 package of rice has mean weight of 4.2 oz with a standard deviation of 0.2 oz.
Find the best estimate of the population mean.
Exercise # 2
Jim wants to estimate the proportion of co-workers in his company who plan to attend the Holiday party. He interviews an SRS of 30 of the 155 co-workers in his company and finds that 18 plan to go to the Holiday party.