Q. What is the difference between an estimate and an estimator?

 


Answer

These two terms are related. An estimator is a rule or formula used to create estimates.

For example, a common estimator for the population mean is \(\bar{x} = \frac{\sum_{i=1}^n x_i}{n}\). If you had a sample consisting of the numbers 1 to 5, then you could use the above formula to get an estimate of 3.  It is important to remember that while an estimate is just a single number, an estimator is a random variable with its own sampling distribution.

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  • Last Updated Apr 16, 2021
  • Views 2
  • Answered By Dorian Frampton

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