Estimation vs. Estimate: Know the Difference
By Shumaila Saeed || Updated on December 25, 2023
Estimation is a process or method for finding an approximate value. Estimate refers to the actual approximate value obtained.
Key Differences
Estimation is a term that denotes the process or method of calculating or judging the value, number, quantity, or extent of something. It often involves using data, experience, or mathematical methods to reach a conclusion. On the other hand, an estimate is the end result of this process. It is a numerical value or a statement that reflects the approximate calculation.
Shumaila Saeed
Nov 29, 2023
In the context of project management, estimation involves the techniques and tools used to predict project durations, costs, and resource requirements. It is a comprehensive activity. Conversely, an estimate in this context would be the specific duration, cost, or amount of resources predicted. It is a specific outcome of the estimation process.
Shumaila Saeed
Nov 29, 2023
When discussing skills, estimation refers to one's ability to make accurate guesses or approximations, showcasing an individual's judgment and experience. Estimate, in this regard, is the actual guess or number that the person comes up with. It's a manifestation of one's estimation skill.
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Nov 29, 2023
In statistics, estimation is a branch that deals with finding estimates of unknown population parameters. It involves methodologies and theories. An estimate, in statistical terms, is the actual numerical value derived from samples to infer about a population parameter. It is the practical application of estimation theory.
Shumaila Saeed
Nov 29, 2023
In everyday language, estimation is often used in a broader sense, encompassing the act of approximating or evaluating something. It's a cognitive process. However, an estimate is more concrete, usually referring to a figure or a statement that quantifies or qualifies an estimation, such as a price quote.
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Nov 29, 2023
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Comparison Chart
Definition
The process or method of approximating
The actual approximate value obtained
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Usage in Context
Describes the act or skill of approximating
Refers to the result or outcome of estimation
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In Project Management
Involves predicting costs, time, and resources
The predicted cost, time, or resources
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In Statistics
The branch dealing with estimation theories
The numerical value derived from data
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Estimation and Estimate Definitions
Estimation
Estimation is assessing the worth or importance of something.
Her estimation of the antique vase's value was surprisingly accurate.
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Estimate
An estimate is an assessment of quantity or magnitude.
His estimate of the attendees was close to the actual number.
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Estimation
Estimation involves determining a rough numerical figure.
He made a quick estimation of the crowd size.
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Estimate
An estimate is a rough calculation or number.
The contractor gave an estimate of $5,000 for the repairs.
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Nov 29, 2023
Estimation
Estimation can refer to forming a general opinion about something.
Her estimation of the situation was that it was under control.
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Estimate
In statistics, an estimate is a calculated value from sample data.
The estimate of the population mean was based on a random sample.
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Estimation
Estimation is often a specialist's assessment in a field.
The architect's estimation was crucial for the project's budgeting.
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Estimate
An estimate is an educated guess based on available data.
Her time estimate for completing the project was three months.
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Estimation
The act or an instance of estimating
Estimation of the storm damage took weeks.
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Estimate
An estimate can be a statement of price or cost for services or goods.
I received an estimate from the plumber for fixing the leak.
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Nov 29, 2023
Estimation
The amount, extent, position, size, or value reached in an estimate
The cost estimation is $500.
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Oct 19, 2023
Estimate
To calculate approximately (the amount, extent, magnitude, position, or value of something).
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Estimate
To form an opinion about; evaluate
"While an author is yet living we estimate his powers by his worst performance" (Samuel Johnson).
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Estimate
A tentative evaluation or rough calculation, as of worth, quantity, or size
An estimate of the damage caused by the storm.
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Estimation
The process of making an estimate.
According to my estimations, we should get to the border in five hours, give or take.
The publisher made an estimation on the potential value of the new novel.
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Oct 19, 2023
Estimate
A statement of the approximate cost of work to be done, such as a building project or car repairs.
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Estimation
The amount, extent, position, size, or value reached in an estimate.
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Estimate
A judgment based on one's impressions; an opinion
I have a high estimate of his character.
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Oct 19, 2023
Estimation
Esteem or favourable regard.
With that performance last night, you've gone up in the director's estimation.
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Estimate
A rough calculation or assessment of the value, size, or cost of something.
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Oct 19, 2023
Estimate
(construction and business) A document (or verbal notification) specifying how much a job is likely to cost.
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Estimation
An opinion or judgment of the worth, extent, or quantity of anything, formed without using precise data; valuation; as, estimations of distance, magnitude, amount, or moral qualities.
If he be poorer that thy estimation, then he shall present himself before the priest, and the priest, and the priest shall value him.
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Estimation
Favorable opinion; esteem; regard; honor.
I shall have estimation among multitude, and honor with the elders.
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Estimation
Supposition; conjecture.
I speak not this in estimation,As what I think might be, but what I know.
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Estimate
To judge and form an opinion of the value of, from imperfect data.
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Estimation
An approximate calculation of quantity or degree or worth;
An estimate of what it would cost
A rough idea how long it would take
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Estimate
To judge and form an opinion of the value of, from imperfect data, - either the extrinsic (money), or intrinsic (moral), value; to fix the worth of roughly or in a general way; as, to estimate the value of goods or land; to estimate the worth or talents of a person.
It is by the weight of silver, and not the name of the piece, that men estimate commodities and exchange them.
It is always very difficult to estimate the age in which you are living.
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Oct 19, 2023
Estimation
A document appraising the value of something (as for insurance or taxation)
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Estimate
To from an opinion of, as to amount,, number, etc., from imperfect data, comparison, or experience; to make an estimate of; to calculate roughly; to rate; as, to estimate the cost of a trip, the number of feet in a piece of land.
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Oct 19, 2023
Estimation
The respect with which a person is held;
They had a high estimation of his ability
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Oct 19, 2023
Estimate
A valuing or rating by the mind, without actually measuring, weighing, or the like; rough or approximate calculation; as, an estimate of the cost of a building, or of the quantity of water in a pond.
Weigh success in a moral balance, and our whole estimate is changed.
No; dear as freedom is, and in my heart'sJust estimation prized above all price.
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Oct 19, 2023
Estimation
A judgment of the qualities of something or somebody;
Many factors are involved in any estimate of human life
In my estimation the boy is innocent
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Oct 19, 2023
Estimate
An approximate calculation of quantity or degree or worth;
An estimate of what it would cost
A rough idea how long it would take
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Estimation
Estimation is making an educated guess regarding measurements.
His estimation of the distance was based on his hiking experience.
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Nov 29, 2023
Estimate
A judgment of the qualities of something or somebody;
Many factors are involved in any estimate of human life
In my estimation the boy is innocent
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Oct 19, 2023
Estimate
A document appraising the value of something (as for insurance or taxation)
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Oct 19, 2023
Estimate
A statement indicating the likely cost of some job;
He got an estimate from the car repair shop
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Estimate
The respect with which a person is held;
They had a high estimation of his ability
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Estimate
Judge tentatively or form an estimate of (quantities or time);
I estimate this chicken to weigh three pounds
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Oct 19, 2023
Repeatedly Asked Queries
How is an estimate different from a quote?
An estimate is a rough calculation, while a quote is a more fixed, binding offer.
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Nov 29, 2023
What is estimation in project management?
It's the process of predicting project costs, durations, and resources.
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Nov 29, 2023
What is an estimate in construction?
It's a calculated approximation of the cost and time for a construction project.
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Is estimation a skill?
Yes, it involves judgment and the ability to approximate accurately.
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What does a financial estimate involve?
It involves predicting future financial outcomes like costs or revenues.
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How accurate should an estimate be?
It should be as accurate as possible, but it’s understood to be approximate.
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Can estimation be exact?
No, estimation by nature is approximate and not exact.
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Nov 29, 2023
Can an estimate be revised?
Yes, estimates can be revised as more information becomes available.
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Nov 29, 2023
Is estimation important in statistics?
Yes, it's crucial for making inferences about population parameters from samples.
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What factors influence a good estimation?
Experience, data, and understanding of the subject matter are key factors.
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How do businesses use estimates?
For budgeting, planning, and forecasting future scenarios.
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Can estimation be used in everyday life?
Yes, it's often used informally for approximating time, distance, or cost.
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Nov 29, 2023
What is a statistical estimate?
It's a value calculated from a sample to infer about a population.
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What makes an estimation reliable?
Reliability comes from using sound methods and accurate data.
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Why is estimate used in project proposals?
To provide a preliminary idea of the project's scope, cost, and time requirements.
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Nov 29, 2023
What's the difference between a bid and an estimate?
A bid is a formal offer, while an estimate is a rough approximation.
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What's the role of estimation in engineering?
It's used for predicting project timelines, costs, and resource needs.
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Nov 29, 2023
Is estimation always necessary?
While not always necessary, it's often helpful for planning and decision-making.
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Nov 29, 2023
How does experience affect estimation accuracy?
More experience usually leads to more accurate and reliable estimations.
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Nov 29, 2023
Can estimates be quantitative and qualitative?
Yes, they can be numerical approximations or qualitative assessments.
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Nov 29, 2023
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About Author
Written by
Shumaila SaeedShumaila Saeed, an expert content creator with 6 years of experience, specializes in distilling complex topics into easily digestible comparisons, shining a light on the nuances that both inform and educate readers with clarity and accuracy.
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