Research Journal of Economics

About Estimation theory

The term parameter estimation refers to the process of using sample data (in reliability engineering, usually times-to-failure or success data) to estimate the parameters of the selected distribution. Several parameter estimation methods are available. This section presents an overview of the available methods used in life data analysis. More specifically, we start with the relatively simple method of Probability Plotting and continue with the more sophisticated methods of Rank Regression (or Least Squares), Maximum Likelihood Estimation and Bayesian Estimation Methods.

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