Parameter Estimation

Parameter estimation is the process of using data to identify the specific values of an underlying model or system. For example, if you have a set of observations, parameter estimation helps determine the key characteristics (parameters) that best explain or fit the data. These parameters might be averages, rates, or other values defining the behavior of the process. Techniques like statistical methods are applied to find the most accurate parameters, allowing us to make informed predictions, understand relationships, or summarize complex data with meaningful numbers.