In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. In calculus, it usually refers to an initial guess for a solution to an equation, which is gradually refined by a process that generates closer estimates. The difference between the estimate and the exact value is the error.

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In statistics, see estimation theory, estimator.

In mathematics, approximation or estimation typically means finding upper or lower bounds of a quantity that cannot readily be computed precisely and is also an educated guess . While initial results may be unusably uncertain, recursive input from output, can purify results to be approximately accurate, certain, complete and noise-free.

In project management, see estimation (project management).

See also

• Estimation theory (statistics)
• "Estimated" sign
• Fermi problem (physics)
• Guesstimate
• Optimism bias
• Reference class forecasting
• Sample size (statistics)

Construction Estimating- www.aspenational.org

External links

Estimation!