Imagine you are tossing an unbiased coin. Every time you toss, you need to note down the result. For an unbiased coin with sufficiently large number of trials (of heads and trails), you should get roughly 50% heads and 50% tails that is a 50-50 possibility.
However, what if the coin is biased – say a little bent? Then, after a large number of tosses, you will discover that one of the sides appears more often than the other.
This simply means that the probability of getting heads is obviously different than the usual 50% which would have been ideally for that particular coin.
This point estimate calculator will help you quickly and easily determine the most suitable point estimate according to the size of the given sample, the number of successes and the required confidence level.
So, you will get the exact probability of getting a ‘heads’ result thereafter. Once you have tossed the coin enough number of times and have gathered some data on the coin’s “behaviour”, you will be able to find it with the point estimate calculator.
The calculator uses 4 estimation approaches in order to compute the most suitable point estimate, namely – the maximum likelihood, Wilson, Laplace, and Jeffrey’s methods. The method to use the calculator is as under:
- First, input the number of successes in the sample (x) and the size of the sample (n).
- Then, choose your required confidence level from the options available in the dropdown list.
- Finally, click on the “Calculate” button to obtain the results.