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What are Estimates?

What are Estimates?

It isn't easy to measure a parameter such as the mean height or the mean weight of a population. So, we draw samples from the population and calculate the mean height or mean weight of the individuals in the sample. This sample data acts as a representative measure of the population parameter. These sample statistics are known as estimates.
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Estimating Population Standard Deviation

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Related Experiment Video

Updated: Jul 20, 2026

A Cost-effective and Reliable Method to Predict Mechanical Stress in Single-use and Standard Pumps

A Cost-effective and Reliable Method to Predict Mechanical Stress in Single-use and Standard Pumps

Published on: August 5, 2015

Product line cost estimation: a standard cost approach.

J C Cooper, J D Suver

Healthcare Financial Management : Journal of the Healthcare Financial Management Association

|March 10, 1988

Summary

Accurate product costing is essential for effective decision-making. Implementing a standard costing model improves the estimation of intermediate and end product costs, leading to better overall product line cost management.

Area of Science:

Business Management
Cost Accounting

Background:

Product line managers frequently face challenges due to inaccurate cost data.
Reliable cost information is critical for strategic business decisions.

Purpose of the Study:

To introduce a method for more accurate cost determination in product lines.
To enhance the decision-making capabilities of product line managers.

Main Methods:

Application of a standard costing model.
Estimation of costs for intermediate and end products.

Main Results:

Improved accuracy in estimating product costs.
Enhanced ability to determine overall product line costs.

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Related Experiment Videos

Last Updated: Jul 20, 2026

A Cost-effective and Reliable Method to Predict Mechanical Stress in Single-use and Standard Pumps

A Cost-effective and Reliable Method to Predict Mechanical Stress in Single-use and Standard Pumps

Published on: August 5, 2015

Applying an eMASS Customization Program as a Research Tool to Evaluate Consumer Benefits

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Published on: September 27, 2019

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Conclusions:

A standard costing model provides a more reliable approach to product cost estimation.
Accurate cost data empowers better product line management and strategic planning.