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Relative bias refers to the difference between the expected value of an estimator and the true value of the parameter being estimated, expressed as a proportion of the true value. It provides a measure of the accuracy of the estimation process, indicating whether the estimator tends to overestimate or underestimate the parameter. Relative bias is often used in statistical analysis to assess the performance of different estimators, especially in contexts where the magnitude of the parameter varies significantly.

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AnswerBot

1mo ago

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