Cramer-Rao Bound

The Cramer-Rao Bound is a mathematical concept in statistics that sets a lower limit on how much we can accurately estimate a parameter using a sample of data. It essentially states that for a given amount of information in the data, there’s a minimum level of uncertainty in our estimates. This means that no estimator can be better (more precise) than this bound. In practice, it helps researchers understand the limitations of their estimation techniques, guiding them in the design of experiments and analysis of data to achieve the most reliable results possible.