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From Wikipedia

Point estimation

In statistics, point estimation involves the use of sampledata to calculate a single value (known as a statistic) which is to serve as a "best guess" for an unknown (fixed or random) population parameter.

More formally, it is the application of a point estimator to the data.

In general, point estimation should be contrasted with interval estimation.

Point estimation should be contrasted with general Bayesian methods of estimation, where the goal is usually to compute (perhaps to an approximation) the posterior distributions of parameters and other quantities of interest. The contrast here is between estimating a single point (point estimation), versus estimating a weighted set of points (a probability density function). However, where appropriate, Bayesian methodology can include the calculation of point estimates, either as the expectation or median of the posterior distribution or as the mode of this distribution.

In a purely frequentist context (as opposed to Bayesian), point estimation should be contrasted with the specific interval estimation calculation of confidence intervals.

Routes to deriving point estimates directly

Routes to deriving point estimates via Bayesian Analysis

Properties of Point estimates


Calculation

A calculation is a deliberate process for transforming one or more inputs into one or more results, with variable change.

The term is used in a variety of senses, from the very definite arithmetical calculation of using an algorithm to the vague heuristics of calculating a strategy in a competition or calculating the chance of a successful relationship between two people.

Multiplying 7 by 8 is a simple algorithmic calculation.

Estimating the fair price for financial instruments using the Black-Scholes model is a complex algorithmic calculation.

Statistical estimations of the likely election results from opinion polls also involve algorithmic calculations, but provide results made up of ranges of possibilities rather than exact answers.

To calculate means to ascertain by computing. The English word derives from the Latincalculus, which originally meant a small stone in the gall-bladder (from Latin calx). It also meant a pebble used for calculating, or a small stone used as a counter in an abacus (Latin abacus, Greekabax). The abacus was an instrument used by Greeks and Romans for arithmetic calculations, preceding the slide-rule and the electronic calculator, and consisted of perforated pebbles sliding on an iron bars.


Construction Estimating Software

Construction estimating software is computer software designed for contractors to estimate construction costs for a specific project. A contractor will typically use estimating software to estimate his bid price for a project owner, which will ultimately become part of a resulting construction contract. Some architects and engineers may also use estimating softare, but usually only to provide a budgetary cost estimate to an owner prior to construction.

History

Traditional Estimating Methods

Contractors review a project's plans and specifications to produce a takeoff (a list of item and material quantities needed for the project). This is traditionally done by analyzing the project plans and, utilizing knowledge of required construction methods, producing an itemized list of the project requirements. Then, based on this list, a contractor will tabulate the various resources and costs for every aspect of construction. There are many ways to estimate with so many different programs. These resource costs include labor, equipment, materials, subcontractors, and any other related costs.

The Rise of Spreadsheets

With the advent of computers in business, contractors began using spreadsheet applications like VisiCalc, Lotus 1-2-3, and Microsoft Excel to duplicate the traditional tabular format, while automating redundant mathematical formulas.

As the popularity of spreadsheets has grown, exchanges are starting to appear where professional estimators can buy or sell construction estimating spreadsheets that they have created. see http://www.estimatingtemplates.com for example.

Database Applications Emerge

As more and more contractors came to rely on spreadsheets, and the formulas within the spreadsheets became more complex, spreadsheet errors became more frequent. These were typically formula errors and cell-reference errors. Hard-coded formulas in database applications were originally created to overcome these errors. As these applications became more and more popular over the years, additional features, such as saving data for reuse and trade-specific calculations, have become available.

Many of these software applications are specific to different construction markets, such as residential building, remodeling, masonry, electrical, and heavy construction. Today most contractors use Microsoft Project and Primavera. For example, programs like Sage Timberline Office and MasterBuilder, that are designed for building construction, include libraries and program features for traditional builders. In sharp contrast, programs like HCSS HeavyBid and SharpeSoft Estimator, that are designed for civil construction, include libraries and program features for roadway, utility, and bridge builders.

Like most other business applications, estimating programs typically run on Microsoft Windows-based computers, but some, such as Turtlesoft Goldenseal, will also run on Macintosh computers.

Typical Software Features

  • Item or Activity List: All estimating software applications will include a main project window that outlines the various items or activities that will be required to complete the specified project. More advanced programs are capable of breaking an item up into subtasks, or sublevels. An outline view of all of the top-level and sub-level items provides a quick and easy way to view and navigate through the project.
  • Resource Costs: Resources consist of labor, equipment, materials, subcontractors, trucking, and any other cost detail items. Labor and equipment costs are internal crew costs, whereas all other resource costs are received from vendors, such as material suppliers, subcontractors, and trucking companies. Labor costs are usually calculated from wages, benefits, burden, and workers compensation. Equipment costs are calculated from purchase price, taxes, fuel consumption, and other operating expenses.
  • Item or Activity Detail: The detail to each item includes all of the resources required to complete each activity, as well as their associated costs. Production rates will automatically determine required crew costs.
  • Calculations: Most estimating programs have built-in calculations ranging from simple length, area, and volume calculations to complex industry-specific calculations, such as electrical calculations, utility trench calculations, and earthwork cut and fill calculations.
  • Markups: Every program will allow for cost mark-ups ranging from flat overall mark-ups to resource-specific mark-ups, mark-ups for general administrative costs, and bonding costs.
  • Detailed Overhead: Indirect costs, such as permits, fees, and any other overall project costs can be spread to project items.
  • Closeout Window: Many estimating programs include a screen for manually adjusting bid prices from their calculated values.
  • Reporting: Project reports typically include proposals, detail reports, cost breakdown reports, and various charts and graphs.
  • Exporting: Most software programs can export project data to other applications, such as spreadsheets, accounting software, and project management software.
  • Job History: Storing past projects is a standard feature in most estimating programs.


From Yahoo Answers

Question:Any websites? like for example....uh.. 2/3 x 1/4..? idk..lol i just made this up..can anyone give me websites i can see how to estimate fractions or give any examples in Y!A thanks >:D

Answers:Not easy to find something about Estimate fractions------------------------------------------------ Estimate With Fractions http://www.boiseschools.org/schools/trailwind/classrooms/room15/Math%20PDF/Chapter%2010/5HMM-RE-10-01.pdf --------------------------http://www.boiseschools.org/schools/trailwind/classrooms/room15/Math%20PDF/Chapter%2010/5HMM-HW-10-01.pdf------------------Estimate fractions http://www.lessonplanet.com/search?keywords=estimate+fractions&rating=3------------- Estimating with Fractions http://go.hrw.com/resources/go_mt/hm2/so/c2ch3bso.pdf Fraction Cafe http://www.factmonster.com/math/knowledgebox/fractioncafe.html http://mathforum.org/paths/fractions/edible.fractions.html

Question:I hate to ask this, but here goes...I'm about to start school after being out for 6 years and I have always been terrible with math. I have to know fractions to pass my placement exam...and I don't have the time to learn them, until I actually get into school (and I need a lot of teaching). I'm thinking a fraction calculator will help with my exam, but since they are seemingly hard to find, can I do fractions on a Scientific calculator also? I just need to know basic fractions & how to reduce them and possibly turning fractions into decimals. HELP please? Thanks you guys.

Answers:Yes, sounds like all you need is a scientific calculator. But make sure you get one that expresses the final answer in literal terms. In other words, if you enter 2/3 + 2/5 into some calculators you get 1.06666666666 Not much help is it? But other calculators have a fraction key that turns this into 16/15. Have a good day!

Question:If they say 'ESTIMATE the value of 163.8/0.249 to 1 significant figure' do I round it off to 1 sf first, or calculate the answer and round it off? What is they say estimate but they don't say estimate the value? There is a big difference then.

Answers:1 significant figure means 1 digit number except from zero you can have as many 0's as u like but must be at the end or beginning. the answer is 200/ 0.200 hope that helped?

Question:I'm looking for an online calculator in which a person can enter square footage for a new construction project/addition and get rough national averages for unfinished (frame only) work...all the way through to a finished project. Any help would be great. I'm not yet ready to get professional estimates as my architectural drawing is being created right now, but I want a rough idea on cost and materials using the online device. Thanks!

Answers:Try this...

From Youtube

Fraction estimation :WEBSITE: www.teachertube.com estimation

U8 Estimate Fractions :