estimation

[noun]

In statistics, estimation is the process by which population parameters are estimated based on subsample statistics. Scientists typically use two different types of estimates: point estimates and interval estimates. Point estimates use the value as a subsample statistic as a direct estimate for a population parameter. Interval estimates use subsample statistics to derive a range of values in which a population parameter is thought to lie. Interval estimates are particularly useful in that they reflect the uncertainty related to the estimation.