# For example you estimate driving around 120 miles

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For example, you estimate driving around 120 miles. This does not mean you must stop after driving this distance in the middle of the road. Obviously, you drive the few extra miles to get to the desired destination. However, if you are on a fixed budget, you want to ensure your accommodation estimations regarding the number of nights spent in a hotel or the amount of money spent on the adventures are as close to reality as possible.
The above example was an estimation problem made by a family and if there were any side effects, those can only hunt the family. However, in a society people make estimate which greatly affect the life of the others. For example, a police department must make precise estimations to how many officers and what type of equipment they need to safely patrol a particular event or a game within their district and keep the law in order, especially if the event or the game was controversial. A scientist researcher must make his or her estimations regarding use of a drug as precise as possible to minimize the side effects or loss of life in his or her study. Transportation authorities should make proper and precise estimations with regard to the number of busses, vans, airplanes, and other means of transportations to insure the maximum satisfactions of the customers. Nothing is worse than having several buses for a particular route with not many passengers, while at the same time scheduling fewer busses in a route with crowded passengers. A population has many parameters, and estimation is a procedure to guess the value of any of these unknown parameters based on observations from a random sample which is taken from that population. The two parameters of a population most estimated are the mean and the proportion of the population. There are two kinds of estimates: A point estimate An interval estimate Interactive Examples 1 1 Which of the following is not a parameter of a population? How many kinds of estimates do we have?
3 Which one of the following is true regarding a sample size less than 30 members?
4 Infinite populations are __________.
5 Which one of the following population parameters is the sum of the observations divided by the total number of observations?
2 Which of the following is considered to be a finite population?
6 Which one of the following is true regarding a point estimate?
7 Match the items below with the correct category. The correct answer is: Point estimate Interval estimate A single value Are made with a specific level of confidence 8 Which of the following best describes the reasons why a city transit authority personnel uses estimations?