Point estimation of a population parameter provides an estimate of a single value calculated from the sample that is likely to be close to its value to the unknown parameter. Itis to be noted that a point estimate will not in general be equal to the population parameter as the random sample used is one of the many possible samples which could be chosen from the population.
For example, in estimation, we may estimate the mean and the variance of a population by computing the mean and the variance of the sample drawn from a population.
