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Twinkl was founded by husband and wife Jonathan and Susie Seaton. [2] [3] Susie, a primary school teacher, had noticed there was a lack of ready-made, high-quality educational materials and classroom content available to teachers.
An estimate that turns out to be incorrect will be an overestimate if the estimate exceeds the actual result [3] and an underestimate if the estimate falls short of the actual result. [ 4 ] The confidence in an estimate is quantified as a confidence interval , the likelihood that the estimate is in a certain range.
An estimand is a quantity that is to be estimated in a statistical analysis. [1] The term is used to distinguish the target of inference from the method used to obtain an approximation of this target (i.e., the estimator) and the specific value obtained from a given method and dataset (i.e., the estimate). [2]
Guesstimate is an informal English portmanteau of guess and estimate, first used by American statisticians in 1934 [1] or 1935. [2] It is defined as an estimate made without using adequate or complete information, [3] [4] or, more strongly, as an estimate arrived at by guesswork or conjecture. [2] [5] [6] Like the words estimate and guess ...
In statistics, an estimator is a rule for calculating an estimate of a given quantity based on observed data: thus the rule (the estimator), the quantity of interest (the estimand) and its result (the estimate) are distinguished. [1] For example, the sample mean is a commonly used estimator of the population mean. There are point and interval ...
where f (2k−1) is the (2k − 1)th derivative of f and B 2k is the (2k)th Bernoulli number: B 2 = 1 / 6 , B 4 = − + 1 / 30 , and so on. Setting f ( x ) = x , the first derivative of f is 1, and every other term vanishes, so [ 15 ]
For a value that is sampled with an unbiased normally distributed error, the above depicts the proportion of samples that would fall between 0, 1, 2, and 3 standard deviations above and below the actual value.
These values are used to calculate an E value for the estimate and a standard deviation (SD) as L-estimators, where: E = (a + 4m + b) / 6 SD = (b − a) / 6. E is a weighted average which takes into account both the most optimistic and most pessimistic estimates provided. SD measures the variability or uncertainty in the estimate.