Statistical Prediction
Bootstrapping is a resampling technique used to estimate the distribution of a statistic by repeatedly sampling with replacement from the original dataset. This method helps in assessing the variability of estimates, allowing for the construction of confidence intervals and hypothesis testing without the need for strict assumptions about the underlying population. It can be particularly valuable when working with small sample sizes or when the distribution of the data is unknown, making it relevant in model diagnostics and hypothesis testing.
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