Minimum-variance unbiased estimator

Minimum-variance unbiased estimator (MVUE) is a type of estimator that is used in statistics to accurately estimate the "true" value, or the population parameter, of something. It is called "minimum-variance" because, compared with other estimators, it gives you the least amount of "error" or "variability" when it is used, and it is called "unbiased" because it gives an equal chance of being "correct" or "incorrect". For example, if you wanted to estimate how tall a group of people were, a MVUE would be the best way to do it because it would give you the most accurate results with the least amount of error.