Cramer-Rao Lower Bound

The Cramer-Rao Lower Bound (CRLB) is a statistical concept that establishes a limit on the accuracy of estimations. It tells us the best possible precision we can achieve when estimating a parameter (like average height from survey data) using a given method. Specifically, it means that there is a minimum variance for any unbiased estimator of a parameter, which is a measure of how spread out our estimates can be. This bound helps statisticians understand the efficiency of their estimation methods and serves as a benchmark for comparing different approaches.