what is estimation ?
Answers
Explanation:
Estimation (or estimating) is the process of finding an estimate, or approximation, which is a value that is usable for some purpose even if input data may be incomplete, uncertain, or unstable. The value is nonetheless usable because it is derived from the best information available.
▓►»» Question ««◄▓
•what is estimation ?
▓►»» Answer ««◄▓
Estimation (or estimating) is the process of finding an estimate, or approximation, which is a value that is usable for some purpose even if input data may be incomplete, uncertain, or unstable. The value is nonetheless usable because it is derived from the best information available.
• More to know
→ Typically, estimation involves "using the value of a statistic derived from a sample to estimate the value of a corresponding population parameter". The sample provides information that can be projected, through various formal or informal processes, to determine a range most likely to describe the missing information. An estimate that turns out to be incorrect will be an overestimate if the estimate exceeded the actual result, and an underestimate if the estimate fell short of the actual result.
→ In mathematics, approximation describes the process of finding estimates in the form of upper or lower bounds for a quantity that cannot readily be evaluated precisely, and approximation theory deals with finding simpler functions that are close to some complicated function and that can provide useful estimates. In statistics, an estimator is the formal name for the rule by which an estimate is calculated from data, and estimation theory deals with finding estimates with good properties. This process is used in signal processing, for approximating an unobserved signal on the basis of an observed signal containing noise. For estimation of yet-to-be observed quantities, forecasting and prediction are applied. A Fermi problem, in physics, is one concerning estimation in problems which typically involve making justified guesses about quantities that seem impossible to compute given limited available information.