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A '''conservative estimate''' is a cautious (avoiding excess) approximate calculation of quantity or degree or worth of something.
On the other hand a ''liberal estimate'' would be much looser and less cautious. For example a conservative estimate of the number of [[Buddhist]]s in China is about 528,546,908 whereas a less cautious [[liberal]] estimate is 1,202,444,216 [http://vipassanafoundation.com/Buddhists.html].