Numerical Prediction Algorithm

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A Numerical Prediction Algorithm is an prediction algorithm that can be implemented into a point estimation system (to solve a point estimation task).



References

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  • (Dubnicka, 2006l) ⇒ Suzanne R. Dubnicka. (2006). “Point Estimation - Handout 12." Kansas State University, Introduction to Probability and Statistics I, STAT 510 - Fall 2006.
    • QUOTE: Ideally, one would like to construct a point estimator which is an unbiased estimator of the unknown parameter and has the smallest possible variance among all unbiased estimators of that parameter. Such an estimator is called a minimum variance unbiased estimator (MVUE). … Recall that a statistic is a summary measure of the sample which is a set of random variables. Thus, a statistic is also a random variable. This is why is makes sense to compute the expectation and variance of a statistic. Also, as a statistic is a random variable also has a distribution associated with it. The distribution of a statistic is called the sampling distribution of the statistic. … The standard error of an estimator ˆ, denoted SE(ˆ ) is simply the standard deviation of ˆ . Thus, the standard error of ˆ is SE(ˆ ) = qVar(ˆ).

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