Understanding Estimates: A Guide to Preliminary Calculations and Judgments
Estimate is a noun that refers to an approximate calculation or judgment of the value, quantity, or extent of something. It can also refer to a preliminary assessment or evaluation of something, often with the intention of revising or refining it later based on new information or feedback.
Examples:
* The contractor provided an estimate of the cost of the project, which was higher than expected.
* The teacher asked the students to provide estimates of their grades for the semester, and then used that information to adjust the class average.
* The company hired a consultant to provide an estimate of the potential market size for their new product.
In each of these examples, an estimate is a preliminary calculation or judgment that is intended to provide a rough idea of something, rather than an exact figure. It may be based on incomplete or uncertain information, and it may be subject to revision as more information becomes available.
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