Estimators

Estimators are tools or formulas used to make educated guesses about unknown values based on available data. For example, if you want to determine the average height of a population, measuring a sample (a small group) and using an estimator helps you estimate the overall average. In statistics, estimators help us infer characteristics of a larger group from a smaller subset, providing the best possible estimate given the data. They are essential for making informed decisions when complete information isn't available, and different estimators might vary in their accuracy and reliability.