Estimated Value

An Estimated Value is a numeric value produced by an estimator for an estimand.

• Context:
  • It can range from being a Point Estimate to being an Interval Estimate.
  • It can be associated to an Estimation Error.
  • …
• Example(s):
  • "The estimated value for the average male in the person database is 68 inches”.
  • an Expected Value.
  • …
• Counter-Example(s):
  • a Nominal Predicted Value, such as a Classification Value.
  • an Ordinal Prediction Value.
• See: Random Variable.

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References

2016

• https://en.wiktionary.org/wiki/estimation#Noun
  1. The process of making an estimate.
  2. The amount, extent, position, size, or value reached in an estimate.
  3. Esteem or favourable regard.

2009

• (Wikipedia, 2009) ⇒ http://en.wikipedia.org/wiki/Estimation
  • Estimation is the calculated approximation of a result which is usable even if input data may be incomplete or uncertain.
  • In statistics, see estimation theory, estimator.
  • In mathematics, approximation or estimation typically means finding upper or lower bounds of a quantity that cannot readily be computed precisely and is also an educated guess . While initial results may be unusably uncertain, recursive input from output, can purify results to be approximately accurate, certain, complete and noise-free.

1987

• (Hogg & Ledolter, 1987)
  • QUOTE: In general, an estimator is a random variable and an estimate is an observation of that random variable.

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