Estimate/Estimation
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Estimate
The act or process of assessing something: making a judgement or forming an opinion about an event, situation, person, object, etc.;
an opinion or judgement concerning the nature, character, or qualities of someone or something;
make a reasonable guess concerning the value of some factor;
more stringently: a “best guess” of the value of some variable or property based upon a refined computational process providing both an assessed value, as well as the likelihood of this value falling within a certain range around the true value – involves an inference about a population based upon scrutiny of a sample; also: making a rough or approximate calculation about something, or forming a notion about magnitudes, quantities, etc., without actual measurement. Estimation The act or instance of estimating something, or its result; a process of forming a notion about something without attempting to apply precise data; a value, amount, or size arrived at by estimating. Back to: Glossary A-C, Glossary D-H, Glossary I-P, Glossary Q-S, Glossary T-Z
Glossary of selected Judgement & Decision-making, Belief-related, and other Psychology terms A-Z » Labels:
Estimate/Estimation |