Estimation is the process of finding an estimate, or approximation, which is a value that is usable for some purpose even if input data may be incomplete, uncertain, or unstable. Typically, estimation involves "using the value of a statistic derived from a sample to estimate the value of a corresponding population parameter". The sample provides information that can be projected, through various formal or informal processes, to determine a range most likely to describe the missing information. An estimate that turns out to be incorrect will be an overestimate if the estimate exceeded the actual result, and an underestimate if the estimate fell short of the actual result.

Read more about EstimationHow Estimation Is Done, Uses of Estimation

Other articles related to "estimation":

Software Development Effort Estimation - State-of-practice
... Published surveys on estimation practice suggest that expert estimation is the dominant strategy when estimating software development effort ... For a review of effort estimation error surveys, see ... However, the measurement of estimation error is not unproblematic, see Assessing and interpreting the accuracy of effort estimates ...
Uses of Estimation
... which an estimate is calculated from data, and estimation theory deals with finding estimates with good properties ... For estimation of yet-to-be observed quantities, forecasting and prediction are applied ... A Fermi problem, in physics, is one concerning estimation in problems which typically involve making justified guesses about quantities that seem impossible to compute given limited ...
Sample Maximum And Minimum - Applications - Estimation - Uniform Distribution
... If only the top endpoint is unknown, the sample maximum is a biased estimator for the population maximum, but the unbiased estimator (where m is the sample maximum and k is the sample size) is the UMVU estimator see German tank problem for details ... If both endpoints are unknown, then the sample range is a biased estimator for the population range, but correcting as for maximum above yields the UMVU estimator. ...
Linear-nonlinear-Poisson Cascade Model - Estimation
... The estimation problem (also known as the problem of neural characterization) is the problem of determining these parameters from data consisting of a time-varying stimulus ...
Minimum Distance Estimation - Statistics Used in Estimation
... Most theoretical studies of minimum distance estimation, and most applications, make use of "distance" measures which underlie already-established goodness of fit tests the test statistic used in ... tests that have been used for minimum distance estimation ...

Famous quotes containing the word estimation:

    A higher class, in the estimation and love of this city- building, market-going race of mankind, are the poets, who, from the intellectual kingdom, feed the thought and imagination with ideas and pictures which raise men out of the world of corn and money, and console them for the short-comings of the day, and the meanness of labor and traffic.
    Ralph Waldo Emerson (1803–1882)

    No man ever stood lower in my estimation for having a patch in his clothes; yet I am sure that there is greater anxiety, commonly, to have fashionable, or at least clean and unpatched clothes, than to have a sound conscience.
    Henry David Thoreau (1817–1862)

    ... it would be impossible for women to stand in higher estimation than they do here. The deference that is paid to them at all times and in all places has often occasioned me as much surprise as pleasure.
    Frances Wright (1795–1852)