Terminology

1. Overview

1.1 Estimate

A specific value is called an estimate which is an approximation of population.

1.1.1 Point Estimates

Single number

1.1.2 Confidence intervals Estimates

A confidence interval naturally is an interval. In fact, the point estimate is located exactly in the middle of the confidence interval. However, confidence intervals provide much more information and are preferred when making inferences.

1.2 Estimator

1.3 Bias

We are always looking for the most efficient unbiased estimators and unbiased estimator has an expected

1.4 Efficiency

The most efficient estimators are the ones with the least variability of outcomes. Most efficient means the unbiased estimator with the smallest variance.

2. Reference