Estimates Meaning: Definition, Examples, and Translations
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estimates
[หษstษชmษts ]
Definitions
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.
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| 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 thatโs not exact but close enough.
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| assessment |
Appropriate in situations involving evaluation or analysis of value, quality, or performance. It often implies a more detailed and formal process.
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| prediction |
Used when forecasting or making a statement about what will happen in the future, often based on data or trends.
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Examples of usage
- The estimates for the project budget varied greatly.
- The company provided quarterly estimates of its earnings.
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.
|
| 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.
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| 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.
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| calculate |
Ideal for situations requiring precise, exact results, often involving mathematical or scientific methods. Used in contexts like finance, engineering, or research.
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Examples of usage
- She estimates that it will take about two hours to complete the task.
- Can you estimate the cost of the repairs?
Translations
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Interesting Facts
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 arenโt 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 oneโs 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.
Origin of 'estimates'
Main points about word origin
- 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.
The word 'estimates' originated from the Latin word 'aestimatus', which means 'appraised' or 'estimated'. Over time, the term evolved to represent the act of approximating or judging the value or extent of something. The concept of estimates has been crucial in various fields, especially in finance, project management, and statistics, where approximate calculations play a significant role in decision-making processes.
See also: estimate, estimated, estimating, estimation, estimations, estimator, inestimable, misestimation, overestimate, overestimated, overestimation, underestimate, underestimated, underestimating, underestimation.