noun an approximate calculation or judgment of the value, number, quantity, or extent of something
Estimation is a key concept in statistics, used to make educated guesses about unknown values based on available data.
Estimation is crucial in engineering for predicting project timelines, costs, and resource requirements.
In economics, estimation is used to forecast trends, market demand, and economic indicators.
Estimation plays a significant role in data science for model building, prediction, and hypothesis testing.
Estimation is essential in market research for determining market size, consumer behavior, and competitive analysis.
Writers use estimation when determining word count for articles, books, or other written pieces.
Psychologists use estimation when predicting behavior or outcomes based on research and observations.
Engineers use estimation when calculating costs, timelines, and resources for construction projects.
Accountants use estimation when forecasting financial trends or projecting future revenue.
Architects use estimation when designing buildings and estimating materials needed for construction.
Statisticians use estimation when analyzing data and making predictions based on sample information.
Project managers use estimation when planning and scheduling tasks for a project.
Economists use estimation when forecasting economic trends and analyzing market data.
Biologists use estimation when estimating population sizes or predicting ecological changes.
Researchers use estimation when designing experiments and interpreting results.
Data analysts use estimation when analyzing large datasets and making inferences.
Marketing managers use estimation when forecasting sales and predicting consumer behavior.
Teachers use estimation when planning lessons and assessing student progress.
Financial analysts use estimation when evaluating investment opportunities and predicting market trends.
Consultants use estimation when providing clients with cost estimates or project timelines.