Estimates: meaning, definitions and examples

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estimates

[ˈɛstɪməts ]

Definitions

^{Context #1 | Noun}

financial

Approximate calculation or judgment of the value, number, quantity, or extent of something.

Synonyms

approximation, assessment, prediction.

Which Synonym Should You Choose?

Word	Description / Examples
estimates	Use when you need to give a rough number or range about something without exact data. It's often used in financial, time, or quantity calculations. The repair costs were estimated to be around $500. He provided an estimate for the time required to complete the project.
approximation	Suitable for when you can't be precise but need to give a value close to the actual one. It's often used in mathematics or casual speech where one can give a number that’s not exact but close enough. The approximation of pi is 3.14. We can give an approximation of the distance to the nearest mile.
assessment	Appropriate in situations involving evaluation or analysis of value, quality, or performance. It often implies a more detailed and formal process. The teacher's assessment of the student's skills was very thorough. A risk assessment was conducted before the project began.
prediction	Used when forecasting or making a statement about what will happen in the future, often based on data or trends. Weather predictions for the weekend suggest rain. He made a prediction about the stock market's performance next year.

Examples of usage

The estimates for the project budget varied greatly.
The company provided quarterly estimates of its earnings.

^{Context #2 | Verb}

general

To roughly calculate or judge the value, number, quantity, or extent of something.

Synonyms

approximate, calculate, guesstimate.

Which Synonym Should You Choose?

Word	Description / Examples
estimates	Use when you need an educated guess or a rough calculation based on known information. Suitable for financial reports, project timelines, or cost predictions. The contractor provided cost estimates for the renovation project Her estimates were fairly accurate
approximate	Used when giving a value or amount that is nearly correct but not exact. Appropriate for general discussions, informal contexts, or when exact numbers are not required. The approximate number of attendees was around 300 He gave an approximate location of the meeting point
guesstimate	A blend of 'guess' and 'estimate,' this word implies a rough estimate made with little data. Often used informally and may carry a somewhat negative connotation of inaccuracy. He gave a guesstimate of the project's duration Her guesstimate about the expenses was way off
calculate	Ideal for situations requiring precise, exact results, often involving mathematical or scientific methods. Used in contexts like finance, engineering, or research. You need to calculate the total cost including taxes The scientists calculated the speed of the new particle

Examples of usage

She estimates that it will take about two hours to complete the task.
Can you estimate the cost of the repairs?

Interesting Facts

Etymology

The word 'estimate' comes from the Latin word 'aestimare,' which means to value or to assess.
It entered the English language in the late 15th century, initially referring to the act of valuing or appraising something.
Over time, its meaning broadened to include approximating quantities and sizes.

Science

In statistics, estimates are used to derive conclusions about a population based on a sample, crucial for research.
Estimation techniques are important in fields like engineering and physics for making timely decisions when precise values aren’t available.
Astronomers use estimates to gauge distances in space, often using light years as a measurement.

Business

In project management, estimates help teams forecast costs and time, critical for meeting deadlines.
Startups often rely on financial estimates to secure funding from investors, who need to understand potential returns.
Estimates can influence stock market decisions, where traders gauge a company's future performance.

Psychology

Cognitive biases can affect how people make estimates, often leading to underestimation or overestimation based on past experiences.
Anchoring bias is a common psychological phenomenon where the first piece of information influences one’s estimate of subsequent data.
Estimating can engage different cognitive strategies and heuristics, reflecting how individuals process quantitative information.

Art & Culture

Estimates play a significant role in art critiques, where critics approximate the value of artwork based on its uniqueness and artists' reputation.
Storytelling often involves estimations, such as when characters guess resources available for their quests, driving the narrative.
In literature, authors may present characters estimating the cost of their decisions, emphasizing the gravity of choices in their journeys.

Translations

Translations of the word "estimates" in other languages:

🇵🇹 estimativas

🇮🇳 अनुमान

🇩🇪 Schätzungen

🇮🇩 perkiraan

🇺🇦 оцінки

🇵🇱 szacunki

🇯🇵 見積もり

🇫🇷 estimations

🇪🇸 estimaciones

🇹🇷 tahminler

🇰🇷 추정

🇸🇦 تقديرات

🇨🇿 odhady

🇸🇰 odhady

🇨🇳 估计

🇸🇮 ocenitve

🇮🇸 áætlanir

🇰🇿 бағалау

🇬🇪 შეფასებები

🇦🇿 qiymətləndirmələr

🇲🇽 estimaciones

Word Frequency Rank

This word ranks #1,798, placing it within important intermediate vocabulary. Learning it will significantly improve your ability to express yourself in English.

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1795 carbon
1796 denied
1797 settled
1798 estimates
1799 behalf
1800 explanation
1801 minor
...