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What is Bootstrapping
Bootstrapping is an interesting process or technique of assigning measure of accuracy. Depended upon calculation, Bootstrapping can be used to any statistic to measure estimation.
According to the Cambridge dictionary of statistics
“A conﬁdence interval is a
range of values, calculated from the sample observations that are believed, with a
particular probability, to contain the true parameter value. A 95% conﬁdence
interval, for example, implies that were the estimation process repeated again and again, then 95% of the calculated intervals would be expected to contain the true
Reason for the name
The term has been derived from the expression "lifting oneself up by one's own bootstraps". This refers to raising oneself up by one's own means. This is also called bootstrap funding.
Let’s understand this with an interested example of a candy factory. Knowing that
the candy bars have mean weight. Since it is not feasible to weigh each candy that is produced in the factory, we use sampling techniques and randomly choose 100 candies. We calculate the mean of these 100 candies, and say that the population mean falls under a margin of error.