Which term represents a statistical inference method that involves a single value?

Master Arizona State University's ECN221 Business Statistics Exam with our resources. Utilize flashcards and multiple-choice questions. Understand every concept with hints and explanations to excel in your exam!

Point estimation refers to the process of providing a single value as an estimate of an unknown population parameter. This method is utilized when you want to make a specific guess about a population characteristic based on sample data. For example, if you were estimating the average height of students at a university, you might calculate the mean height from a sample of students and present that single value as the point estimate for the entire student population's average height.

This approach contrasts with confidence intervals, which provide a range of values rather than a single point, thereby offering more information about the uncertainty associated with the estimate. Hypothesis testing involves making decisions or inferences about population parameters based on sample data but does not provide a single value estimate. Regression analysis is focused on understanding relationships between variables, often producing an equation or model rather than a single point.

Therefore, point estimation is the method that specifically involves presenting a single value as an estimate, making it the appropriate choice.

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