Reestimate Meaning: Definition, Examples, and Translations
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reestimate
[หriหษชsหtษชmษt ]
Definition
financial analysis
To reestimate means to make a new estimate or to revise an existing estimate. This can occur in various fields, including finance, project management, and statistics, when new information becomes available that may affect the original estimate.
Synonyms
Examples of usage
- The team needed to reestimate the project budget after the last meeting.
- Due to unforeseen circumstances, we had to reestimate the timeline for the launch.
- It's important to reestimate the costs if the project scope changes.
Translations
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Interesting Facts
Business
- In project management, reestimation is common as new data may alter timelines and costs, ensuring more accurate planning.
- Businesses often perform budget reestimates during a fiscal year to adjust for unexpected changes in income or expenses.
- Properly conducted reestimates can lead to better resource allocation, maximizing efficiency and minimizing waste.
Psychology
- Cognitive biases play a role in estimations; individuals may overestimate or underestimate based on prior experiences, emphasizing the need to reestimate for accuracy.
- Reestimating can reduce anxiety over uncertain outcomes, as it reflects adaptability to new information.
- Peer influence can affect how we estimate and reestimate, as discussions can shape our perceptions of likelihood and outcomes.
Science
- In fields such as statistics, reestimation is crucial after gathering additional data to improve the validity of conclusions drawn from research.
- Reestimation helps scientists adapt their hypotheses and experiments in light of new findings, ensuring the progress of knowledge.
- In environmental studies, reestimating impacts based on ongoing data collection can lead to more effective conservation strategies.
Technology
- In software development, sprint planning often involves reestimating tasks as programmers gauge initial estimates against real progress.
- Data analytics tools provide features that support real-time reestimation of predictions based on changing user behavior.
- Machine learning models often need reestimation to fine-tune their predictions based on new sets of training data.
Origin of 'reestimate'
Main points about word origin
- The word combines 're-' meaning 'again' and 'estimate' which comes from the Latin 'aestimare', meaning 'to value or appraise'.
- Languages often use prefixes like 're-' to indicate doing something again, showing the action is revisited.
- The usage of 'estimate' has evolved over centuries, originally relating to physical appraisals and now often applied in various fields, including finance and project management.
The word 'reestimate' is formed by the prefix 're-' and the word 'estimate.' The prefix 're-' indicates repetition or doing again, while 'estimate' comes from the Latin word 'aestimare,' meaning 'to assess' or 'to value.' This term has evolved in the English language to integrate into various fields that require appraisal and analysis, particularly in finance and project management. Over time, as business practices have become more complex, the need to adjust or revise estimates has become increasingly relevant, leading to a rise in the usage of the term 'reestimate' in professional jargon. Its application signifies a critical step in decision-making processes, showcasing the importance of adaptability in estimations.