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What is an estimation of the parameters?
Estimation of the parameters is the part of Statistics that describes how to estimate the different parameter’s value. These values are based on either empirical or measured data of the parameters, where the component of the data is random. It is also important for a student to know that evaluating parameter value are not necessary to measure every time, sometimes it is given as data and they have to determine on the basis of requisite formula.
Now, what are the different ways by which a person can easily approach an estimation theory? These are Probabilistic approach and the approach related to set-membership. Now, there are different methods for which a person can evaluate the data. The two methods are very much known by each student, these are least square and maximum likelihood. But, there is a new method introduced known as robust method. But, this method is somehow not popular as previous two.
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