Estimation Theory at Work

Rarely hear about this, we used it for retail analysis, it is useful to understand. Link to it below and a Wikipedia article definition. 

What makes a good estimator?

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. ... '

Informed Estimation as Common Sense

Infoq:  A good article on techniques of estimation.  With a number of good examples.  I have found that many people who work with numbers have developed their own methods of estimating values, often because they quickly discover that you don't have all the numbers you need, and  need to check results you are getting.  It is a kind of numbers driven common sense.   It drives looking for more or better data to use.