ESTIMATORS Meaning and
Definition
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An estimator, in the context of statistics and data analysis, is a calculation or process used to estimate an unknown quantity or population parameter based on available data or sample observations. It is a statistical tool that provides an approximation or guess of the true value of the parameter of interest.
Estimators play a crucial role in statistical inference, where they are used to make inferences about populations based on limited or sampled data. They are designed to summarize the data in a way that captures the underlying behavior and characteristics of the population.
There are different types of estimators based on their properties and purpose. Some estimators are unbiased, meaning they have an expected value equal to the true value of the parameter being estimated. Other estimators may have a bias, but their bias can be minimized or controlled through various methods.
Efficiency is another important property of an estimator. An efficient estimator minimizes the variance and provides the most precise estimate of the parameter, given the available data. In addition, consistency is a desirable property of estimators, indicating that as the sample size increases, the estimator converges to the true value of the parameter.
Estimators can take various forms, such as sample means, medians, or regression coefficients, depending on the nature of the data and the specific problem being addressed. They are essential tools in statistics, as they allow researchers and analysts to draw valid conclusions and make informed decisions based on limited or incomplete information.
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Etymology of ESTIMATORS
The word "estimators" is derived from the verb "estimate", which comes from the Latin word "aestimare". "Aestimare" carries the meaning of "to value, to appraise, or to estimate the worth or quantity of something". Over time, the noun form "estimate" was developed, referring to the approximate calculation or evaluation of something. The term "estimators" is the plural form of "estimator", referring to individuals or tools that perform estimations in various fields such as statistics, economics, construction, or engineering.
Similar spelling words for ESTIMATORS
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