ESTIMATION Meaning and
Definition
-
Estimation is the act or process of making an approximate calculation or judgment regarding the value, quantity, size, or importance of something. It involves using available information and reasoning to form an educated guess or assessment that is close to the actual or accurate value, even if it is not known precisely.
In various contexts, estimation can refer to different types of calculations or judgments. For example, in mathematics, estimation is commonly used to find approximate values when precise calculations are unnecessary or impractical. In statistics, estimation refers to the process of inferring information about a population based on a sample. Economists and market analysts also employ estimation techniques to predict future trends, such as estimating future demand or sales figures.
Estimation is a fundamental skill in everyday life as well. People often estimate time, distances, costs, and probabilities to plan and make decisions. For instance, estimating the duration of a task allows individuals to allocate their time effectively and manage their schedules.
However, it is important to note that estimation is not equivalent to exact measurement or certainty. It is inherently subjective and can be influenced by various factors, including personal judgment, experience, and available data. As a result, estimations may contain a degree of inaccuracy or uncertainty. Nevertheless, estimation provides a valuable tool for approximating values and making informed decisions when precise measurements are not viable or necessary.
-
An opinion or judgment of the value or worth of; esteem; regard; favourable opinion.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for ESTIMATION *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for ESTIMATION
Etymology of ESTIMATION
The word estimation comes from the Latin word aestimatio, which means a valuation or a reckoning. It is derived from the verb aestimare, which means to value or to appraise.
Similar spelling words for ESTIMATION
Infographic
Add the infographic to your website:
