Question

An experiment involves selecting a random sample of 256 middle managers. One item of interest is annual income. The sample mean is $45,420, and the sample standard deviation is $2,050. What is the point estimate?

Answer 1

Answer:

$45,420

Explanation:

A point estimate is a term in statistics that describes a single value (point), which is derived or estimated such as the mean (average)—of a population from random samples of the population and in turn used to estimate a population value.

Hnece, in this case the POINT ESTIMATE which is the MEAN VALUE is $45,420 which can be used to find other values of the population such as reasonable range of values for the population mean, confidence limit and margin of error.