👉 An estimator is a method of estimating a parameter, such as the mean or variance of a population. It involves taking an average of some data to estimate the value of that parameter. Estimators are used when we want to make predictions about unknown values based on observed data. Estimation can be done using different methods depending on the nature of the problem and the available data. Some common estimators include: 1. Maximum Likelihood Estimator: This is a method for estimating parameters in statistical models by
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What is the definition of Estimator? 🙋
👉 An estimator is a method for estimating a parameter or value of interest in a statistical model. It provides an estimate of the unknown quantity, and it can be used to make predictions about future outcomes based on observed data. Estimators are used in various fields such as statistics, machine learning, finance, and more. They are often used when there is uncertainty or variability in the parameter being estimated, and they allow researchers to capture this uncertainty or variability by making an estimate of it. There are different types
