Learn the Types of Estimation and Its Importance in Economics
Estimation is the process of making a rough calculation for finding a useful value where the input data may not be complete or stable. It relates to the use of the value of statistics which you obtain from the sample. You have to calculate the value of the population parameter. However, if the estimation exceeds the actual result, it is known as overestimation, and if it is less than the result, then it is known as underestimation.
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The types of estimation
We use estimation technique to make decisions regarding the population parameter. You can obtain it from the samples. You can also estimate the population parameter with the help of statistical estimation with the degree of confidence. You can measure this level by the size and the opinion made from the sample. For more information, you can check estimation assignment help.
The estimation process is of two types. They are:
- Point Estimation
Here, you have to determine a single number from the sample. It will help you to find out the unknown value of the population parameter. Therefore, when you estimate a parameter through a statistic, it is known as a point estimator. After the estimation process, you will get a numerical value which is the estimate.
- Interval Estimation
The point estimation may fail to show the exact estimate of the population parameter as there may be many values for different samples. Hence, here we use interval estimation which defines a range of values where the population parameter is going to lie. It results in two numbers where the population parameter lies with the degree of confidence. It focuses on explaining the closeness of valid parameter and the parameter of point estimator.
Importance in economics
Estimation techniques have many uses in different fields of study. The estimation homework help also explains its significance. However, let’s learn about some of them.
- You can find out the activities in large-scale development processes. It is highly essential as there are too many variables to start.
- You can also use it in project planning by estimating the labor and requirement of resources.
- You can also use estimation techniques for estimating the cost for entering a project.
- You can use it to determine the other requirements of the project.
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