## ESTIMATION

### Estimation

**Estimation**is the process of finding an

**estimate**, or approximation, which is a value that is usable for some purpose even if input data may be incomplete, uncertain, or unstable. The value is nonetheless usable because it is derived from the best information available. Typically, estimation involves "using the value of a statistic derived from a sample to estimate the value of a corresponding population parameter". The sample provides information that can be projected, through various formal or informal processes, to determine a range most likely to describe the missing information. An estimate that turns out to be incorrect will be an ...

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### estimation

#### Noun

- The process of making an estimate.
- The amount, extent, position, size, or value reached in an estimate.
- Esteem or favourable regard.

*The above text is a snippet from Wiktionary: estimation*

and as such is available under the Creative Commons Attribution/Share-Alike License.

and as such is available under the Creative Commons Attribution/Share-Alike License.