Estimation is a process by which one makes refrences about a population, based on information

obtained from a sample

The are some methods in it

Population parameter can be expressed in two ways

Point Estimate
.Interval Estimate

Confidence Intervals
Confidence Level
Margin of Error

When a parameter is being estimated, the estimate can be either a single number or range
of numbers.In above if estimate is a single number, the estimate is called a "point
estimate.
An interval estimate is defined by two numbers, between a population parameter is
expressed.
Confidence intervals are preferred to point estimates.
The confidence level describes that a particular sampling method will produce a
confidence interval which includes the true population parameter.
In a confidence interval, the range of values above and below the sample statistic is called
the margin of error.
A parameter is a value calculated in a population. A statistic is a value computed in a
sample to estimate a parameter.

Example:

For example, suppose the a newspaper conducts an election survey and reports that the oppostion
candidate will receive 30% of the vote. The newspaper states that the survey had a 5% margin of
error and a confidence level of 95%. These findings result in the following confidence interval:
We are 95% confident that the oppostion candidate will receive between 25% and 35% of the
vote.

Explanation : The confidence level is not affected by the margin of error. When the margin of
error is small, the confidence level can low or high or anything in between. A confidence interval
is a type of interval estimate, not a type of point estimate. A population mean is not an example
of a point estimate; a sample mean is an example of a point estimate.
Advantages :

Your findings would be representative of the population.

You can make reliable estimates of the population with less time, effort, and money
A major advantage of using interval estimation is that you provide a range of values with
a known probability of capturing the population parameter
By the way, note that the bigger your sample size, the more narrow the confidence
interval will be.
The advantage of estimating is that you can quickly compute something that would take a
long time to figure out precisely
Estimating also allows us to check if a result of a calculation is reasonable.

Disadvantages:

To collect all of the information for a population it would likely take a great deal
of time, which means more effort and money.
The disadvantage of estimating is that you lose precision. You rely on other
people or on machines to provide the exact answer. Another disadvantage is that
two different people estimating crowd size can come up with different answers.