Difference between revisions of "Estimate"
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| − | To '''estimate''' is to form an opinion or judgement concerning a [[degree]] of [[measurement]] or [[quality]] about an object or person; such as [[worth]], [[value]], size, [[weight]], [[volume]], etc.. By nature an estimate is subjective and its value depends on the expertise of | + | To '''estimate''' is to form an opinion or judgement concerning a [[degree]] of [[measurement]] or [[quality]] about an object or person; such as [[worth]], [[value]], size, [[weight]], [[volume]], etc.. By nature an estimate is subjective and its value depends on the expertise of the ''estimator''. Although commonly used as a synonym for ''guess'' an estimate is expected to be close to the real quantifiable value. |
Tradesmen, [[auctioneer]]s or [[realtor]]s may provide an estimate of the proposed cost of something, as a guideline for the ultimate price which is to be paid. | Tradesmen, [[auctioneer]]s or [[realtor]]s may provide an estimate of the proposed cost of something, as a guideline for the ultimate price which is to be paid. | ||
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| + | In [[statistics]] an '''estimate''' can be used to approximate the true values of something being analyzed, even when a full set of quantifiable data is not readily available. Such an estimate can be based on a variety of factors and relies on the expertise of the person computing the estimate. | ||
[[Category:Economics]] | [[Category:Economics]] | ||
Latest revision as of 14:20, July 18, 2016
To estimate is to form an opinion or judgement concerning a degree of measurement or quality about an object or person; such as worth, value, size, weight, volume, etc.. By nature an estimate is subjective and its value depends on the expertise of the estimator. Although commonly used as a synonym for guess an estimate is expected to be close to the real quantifiable value.
Tradesmen, auctioneers or realtors may provide an estimate of the proposed cost of something, as a guideline for the ultimate price which is to be paid.
In statistics an estimate can be used to approximate the true values of something being analyzed, even when a full set of quantifiable data is not readily available. Such an estimate can be based on a variety of factors and relies on the expertise of the person computing the estimate.