BLUE (Best Linear Unbiased Estimator)

The Best Linear Unbiased Estimator (BLUE) is a statistical method used to estimate the value of an unknown parameter. It is called "best" because it minimizes the variance of the estimation, making it the most accurate and reliable among all linear estimators. "Linear" means the relationship it models is a straight line, and "unbiased" indicates that, on average, it correctly estimates the true value. Essentially, BLUE seeks to provide the most precise and truthful estimate based on the available data, without systematic errors.