In statistics, an estimate can have its ordinary day-to-day meaning: a value which is a best guess for some parameter or variable. However, it can also have a more precise meaning: an estimate calculated via some mathematical or computational method. For example, if we are interested in the average height of people in Wales, we might choose 100 people in the country at random and then work out the average of the sample. This sample average could then be used as an estimate of the overall average height of people in Wales.
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