Estimation
Estimation is the process of using data and statistical techniques to make informed guesses about unknown quantities or future events. In data science, estimation is used to make predictions about future outcomes based on historical data. This involves selecting an appropriate statistical model, fitting the model to the data, and using the model to make predictions. Estimation is also used to estimate unknown parameters of a model, such as the mean or variance of a population. This is done by using sample data to calculate estimates of the parameters, along with measures of uncertainty such as confidence intervals or standard errors.
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