Difference between revisions of "Estimate"

@@ Line 1: / Line 1: @@
-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 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.
-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]]

Revision as of 01:46, December 14, 2009