Estimation

Estimation is the approximation of a result that one can use with information that is not clear or is incomplete. It is like making an educated, reasonable guess based on the information given.

If an estimate is more than the actual amount, then it is called an overestimate.James Tate, John Schoonbeck, Reviewing Mathematics (2003), page 27: "An overestimate is an estimate you know is greater than the exact answer". If the estimate was less than the actual result, then it is called an underestimate.James Tate, John Schoonbeck, Reviewing Mathematics (2003), page 27: "An underestimate is an estimate you know is less than the exact answer". This is different from a prediction.

References

Other websites

 Estimation chapter from "Applied Software Project Management" (PDF)

Category:Mathematics