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What is the difference between observed most probable and true value of a quantity?
Wiki User
∙ 11y ago
The difference between the observed and the true value is the error.
The most probable value depends on how it is defined and calculated. The maximum likelihood estimate (MLE) is often used but there are situations where it is not the most probable.
For example, you are in a town where the bus routes are numbered sequentially. You want to know how many routes there are and so you observe the route numbers on a sample of buses. The MLE is the largest number that you observe but, in reality, there is no mechanism that will ensure that the bus with the largest route number is in your sample.
Wiki User
∙ 11y ago
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