Point Estimator Notes: Definitions & Explanations PDF | Download eBooks

Study Point Estimator lecture notes PDF with total quality management definitions and explanation to study What is Point Estimator?. Study point estimator explanation with TQM terms to review total quality management course for online MBA programs.

Point Estimator Notes:

Usually, a sample is drawn out randomly. A random variable of a sample is described by the probability distribution. There are a number of parameters of probability distributions. These include mean, variance, standard deviation, lambda etc. Probability distributions are used in quality control to define the quality characteristics. That is why the parameters of the probability distributions must be estimated. When the value of a parameter of probability distribution is calculated using the sample data points, the value is called an estimate. The statistics that is used to estimate the value of an unknown parameter is called point estimator. For example, if the population mean and population variance are unknown, the sample mean and sample variance can be used as the point estimator for population mean and variance.

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