estimation methods

Estimation methods are techniques used to approximate a value or outcome based on available information. They help make informed decisions when exact data is unavailable or too costly to obtain. Common methods include using averages or past data (statistical estimation), making educated guesses based on experience (judgment), and applying mathematical formulas or models to predict results (analytical estimation). These approaches aim to provide reliable approximations quickly, allowing organizations or individuals to plan, budget, or assess risks efficiently. Each method varies in complexity and precision, depending on the context and required accuracy.