Estimates

Estimates are approximate calculations or judgments of the value, quantity, or significance of something. They are often based on available information, past experiences, and educated guesses, especially when precise data is unavailable. estimates are crucial in planning, budgeting, and forecasting across various fields, serving as vital tools for decision-making. The accuracy of an estimate can vary depending on the data quality and the assumptions made during the estimation process. A thorough estimate should include the data that it has been based on, the assumptions, and all known variables.

Estimates meaning with examples

• The construction company provided estimates for the renovation project, factoring in material costs, labor, and potential delays. The homeowner reviewed the estimates carefully, comparing them with quotes from other contractors to make an informed decision. Ultimately, the accuracy of the estimates determined the final budget of the entire project.
• Financial analysts prepared estimates of the company's quarterly earnings, considering sales projections and market trends. Based on these estimates, investors made decisions on whether to buy or sell shares. The accuracy of these estimates greatly impacted market confidence.
• Archaeologists used estimates to determine the age of artifacts found at the excavation site, based on carbon dating and stratigraphic analysis. These initial estimates allowed them to create a rough timeline, providing valuable information about the past. They refined these estimates over time.
• Scientists developed estimates of the population size of the endangered species based on recent sightings and habitat analysis. These population estimates were then used to set conservation goals and measure the program's effectiveness. These estimates were very valuable for keeping them from becoming extinct.
• The car mechanic gave me estimates on the cost of repairing the engine, outlining the price of the various parts and labor involved. I could then decide whether to fix the car, which was useful when determining whether the cost was appropriate for the car's current value.