estimator
n. countable C1 Advanced US //ˈɛstɪˌmeɪtɝ// UK //ˈɛstɪmˌeɪtɐ// es·ti·ma·tor
n. a person or a tool that calculates the cost or time needed for a job. In math, it is a rule or formula used to guess the value of something based on data.
n. a person or device that calculates the cost, time, or quantity of a task. In statistical contexts, it refers to a rule or function used to infer the value of a population parameter from sample data.
The contractor sent an estimator to measure the room.
The software acts as a cost estimator, providing a detailed breakdown of materials and labor required for the renovation.
In econometrics, a consistent estimator is one that converges in probability to the true parameter value as the sample size increases, ensuring that the model remains reliable with more data.