Sequential Estimation

Sequential estimation is a method in statistics where data is collected and analyzed step-by-step, allowing you to update your estimates as new information arrives. Instead of deciding beforehand how many data points to gather, you monitor the results continuously and stop collecting data once your estimate reaches a desired level of accuracy. This approach is efficient because it can save time and resources, as you don't collect more data than necessary, and it ensures that your conclusions are based on sufficient evidence. It's commonly used in quality control, clinical trials, and real-time decision-making scenarios.