Estimated: meaning, definitions and examples

Etymology

• The word derives from the Latin word 'aestimatus', which means 'to value' or 'to assess'.
• In the 14th century, it entered Middle English as 'estymat', reflecting the practice of evaluation.
• The transformation into its modern form occurred during the 16th century, becoming commonly used in contexts like finance and construction.

Science

• In statistics, estimation is crucial for making predictions and understanding data trends.
• The scientific method often relies on estimation, especially when exact measurements are impossible to obtain.
• Estimates are widely used in fields such as ecology and medicine to assess population sizes or disease spread.

Psychology

• Cognitive biases can affect how individuals make estimates, often leading to overconfidence in their guesses.
• Research shows that providing ranges can help improve the accuracy of estimates in uncertain situations.
• People tend to underestimate or overestimate time, a phenomenon known as the planning fallacy.

Economics

• Economists use estimates to project growth, inflation, and unemployment rates, aiding in policy decisions.
• Fiscal estimates play a significant role in budget planning for governments and organizations.
• Estimates often inform business valuations, helping investors assess potential returns on investments.

Pop Culture

• Estimates appear frequently in game shows, where contestants guess numbers related to prizes or performances.
• In media, vague estimates for events, like box office earnings, often create buzz and speculation among audiences.
• Social media influencers often share estimated figures for their reach and engagement, impacting marketing strategies.

Positioned at #1,113, this word is part of core intermediate vocabulary. It appears regularly in various contexts and is essential for natural-sounding English.

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