What do you understand by estimation?
What do you understand by estimation? Estimation (or estimating) 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. The value is nonetheless usable because it is derived from the best information available. What's the difference between an estimate and a guess? To guess is to believe or suppose, to form an opinion based on little or no evidence, or to be correct by chance or conjecture. A guess is a thought or idea arrived at by one of these methods....