Question

Write a short note on Relevance of Estimation

Answer 1

estimate
Approximation, prediction, or
projection of a quantity based on
experience and/or information available at the time, with the
recognition that other pertinent facts are unclear or unknown. An estimate is almost the same as an educated guess, and the cheapest (and least accurate) type of modeling.
USAGE EXAMPLES
The legal secretary faxed the defendant the estimate of the cost of the services that the lawyer would be providing throughout the trial.
The estimate was within our acceptable range for pursuing the business opportunity presented to us by the traveling businessman from Dubai.
I wanted to get an estimate on my new house to see how much money I could get for it on the market.