Estimation: meaning, definitions and examples

Used when giving a rough figure or value based on available information, often in scenarios where exact numbers are not necessary.

• In my estimation, there were about 200 people at the event
• The repair costs are high according to our preliminary estimation

Used when providing a value that is close but not exact, often utilized in mathematical or scientific contexts.

• The approximation of pi is 3
• 14
• We only have an approximation of the total cost at this stage

Used in the context of evaluating or judging the quality, importance, amount, or value of something, often in formal or professional settings.

• The assessment of the project's risks will take a week
• A thorough assessment of the damage is necessary before repairs can begin

Used when systematically determining the value, significance, or condition of something, often involving detailed analysis and judgment.

• The annual employee evaluation is scheduled for next month
• We need a detailed evaluation of this software before deployment

Used when referring to a careful guess or calculation of value, quantity, or extent. Often found in financial, scientific, or technical discussions.

• The project's cost estimation was around $2 million.
• In my estimation, the repairs will take about three weeks.

Denotes a personal belief or judgment that is not necessarily based on facts or knowledge. Can be used in casual, social, or formal discussions.

• In my opinion, the movie was fantastic.
• She expressed her opinion on the new company policy.

Refers to a perspective or standpoint on a particular topic, situation, or issue. Often used in discussions of ideas, beliefs, and attitudes.

• From his point of view, the proposed plan makes sense.
• My view on political matters has changed over the years.

Refers to a detailed evaluation or analysis of skills, knowledge, performance, or conditions. Common in educational, professional, and health contexts.

• The job candidate impressed us during the assessment.
• After the flood, a damage assessment was conducted on the property.

Estimation is used when you need to make a rough calculation or guess about the size, price, value, or amount of something, often when precise information is not available.

• In my estimation, the project will take around three months to complete.
• This is just an estimation; the actual cost might be different.

Valuation is typically used in financial contexts to determine the exact monetary value of an asset, company, property, or investment.

• The valuation of the company's assets exceeded $1 million.
• We need a valuation of the house before putting it on the market.

Appraisal is often used in professional or formal contexts to evaluate the value, performance, or condition of something, like property, assets, or employee performance.

• The property appraisal came back higher than we expected.
• Regular appraisals help employees understand their performance better.

Assessment is used when formally evaluating or analyzing the qualities, significance, or performance of something, often in education, finance, or risk management.

• The teacher's assessment showed a significant improvement in the student's skills.
• A risk assessment is required before launching the project.