Rarely hear about this, we used it for retail analysis, it is useful to understand. Link to it below and a Wikipedia article definition.
Blog post by Jasmine Nettiksimmons, Molly Davies September 24, 2020 - San Francisco, CA
What makes a good estimator? What is an estimator? Why should I care? There is an entire branch of statistics called Estimation Theory that concerns itself with these questions and we have no intention of doing it justice in a single blog post. However, modern effect estimation has come a long way in recent years and we’re excited to share some of the methods we’ve been using in an upcoming post. This will serve as a gentle introduction to the topic and a foundation for understanding what makes some of these modern estimators so exciting. .... '
Estimation theory is a branch of statistics that deals with estimating the values of parameters based on measured empirical data that has a random component. The parameters describe an underlying physical setting in such a way that their value affects the distribution of the measured data. An estimator attempts to approximate the unknown parameters using the measurements. ... '
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