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What is Story point Estimation ?
Can any one give just an introduction about this ?
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Answer Posted / siva reddy
When a parameter is being estimated, the estimate can be
either a single number or it can be a range of scores. When
the estimate is a single number, the estimate is called a
"point estimate"; when the estimate is a range of scores,
the estimate is called an interval estimate. Confidence
intervals are used for interval estimates.
As an example of a point estimate, assume you wanted to
estimate the mean time it takes 12-year-olds to run 100
yards. The mean running time of a random sample of
12-year-olds would be an estimate of the mean running time
for all 12-year-olds. Thus, the sample mean, M, would be a
point estimate of the population mean, μ.
Often point estimates are used as parts of other statistical
calculations. For example, a point estimate of the standard
deviation is used in the calculation of a confidence
interval for μ. Point estimates of parameters are often used
in the formulas for significance testing.
Point estimates are not usually as informative as confidence
intervals. Their importance lies in the fact that many
statistical formulas are based on them.
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