Estimation Techniques

Estimation techniques are methods used to approximate the value of a quantity or outcome when exact data isn't available or feasible. They help in making informed decisions by analyzing available information, historical data, or informed guesses. Common techniques include expert judgment, statistical sampling, and modeling. These methods aim to balance accuracy and effort, providing a reliable basis for planning and decision-making while acknowledging some degree of uncertainty. Effective estimation involves understanding the context, using appropriate methods, and adjusting for variability to ensure practical and useful results.