Theoretical Statistics
Bias refers to the systematic error that leads to an incorrect estimate of the population parameter due to a flaw in the data collection or analysis process. It can occur in various forms, influencing both theoretical predictions and practical applications, such as when estimators consistently overestimate or underestimate values. Understanding bias is crucial for accurate statistical inference and effective decision-making, particularly when evaluating expected values, analyzing sampling distributions, and developing point estimates.
congrats on reading the definition of Bias. now let's actually learn it.