Estimation
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Estimation is a mathematical principle used in statistics and data analysis. It involves approximating a quantity of interest that cannot be directly measured, using data that are observed in the process. The process of estimation involves the use of statistical models and methods to make inferences about the population parameters based on a sample of data.
Definition[edit | edit source]
In statistics, an estimator is a rule for calculating an estimate of a given quantity based on observed data: thus the rule, the quantity of interest and its result are distinguished.
There are two types of estimators: point estimators and interval estimators. A point estimator yields single-valued results (although this includes vectors and other mathematical objects), while an interval estimator yields a range of plausible values (an interval estimate).
Methods of Estimation[edit | edit source]
There are several methods of estimation that can be used, depending on the nature of the data and the quantity of interest. Some of the most common methods include:
- Maximum likelihood estimation
- Method of moments
- Bayesian estimation
- Least squares
- Minimax estimation
Applications[edit | edit source]
Estimation is used in a wide variety of fields, including:
See Also[edit | edit source]
References[edit | edit source]
Estimation Resources | |
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