what is estimate
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estimate Related Terms. Approximation, prediction, or projection of a quantity based on experience and/or information available at the time, with the recognition that other pertinent facts are unclear or unknown. An estimate is almost the same as an educated guess, and the cheapest (and least accurate) type of modeling. Use 'estimate' in a Sentence.
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- An estimate is the approximate price that you would charge for the work-the actual price may be slightly more or less. A sales proposal specifies in detail how much you would charge to complete the work in the way that you're proposing.A quote is an offer to do the work for an exact price. Organize your accounting data, create an estimate, send invoices, and more from one central location. 2  QuickBooks Online makes it easy to create estimates and invoices and send them to your customers. 3  Access your accounting data, estimates, invoices, and more anytime and from anywhere.
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Mulls Engineering Management An Estimate is a best faith prediction of the effort that will be expended to perform a task. It has tolerance and distribution, and may depend on other factors out of the estimators control. It is the opinion of a professional. A Bid is a price submitted to perform a task. This is probably based on an estimate, but takes many other factors into account. It includes either profit or a market margin (which may be negative), and reflects the interest that the bidder has in the task. It also includes the risk the bidder wishes to take.
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Definition of Accounting Estimates Definition of Accounting Estimates. Financial statements provide investors and analysts with information about a company’s ability to manage its financial transactions and build value in the organization. Accountants gather information to use when creating the financial statements.This information includes both actual dollar amounts and estimated amounts. Accounting estimates require the accountant to determine what financial value to record when the actual amount is unknown.ccountants gather information to use when creating the financial statements. This information includes both actual dollar amounts and estimated amounts. Accounting estimates require the accountant to determine what financial value to record when the actual amount is unknown.
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- A supplementary estimate refer to the additional or extra estimate.  A revised estimate is the difference between the former budget  estimates and the actual expenditure, wh … ich is usually presented in  the next budget.
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- You can estimate to: justify if your answer is correct check to see if your answer makes sense Estimating to find a number close to an exact answer is one way to justify your answer. Then complete computation and compare results to justify your estimation.Let's see how it works!he idea behind estimation is to use numbers close to the actual numbers in the problem so that you can do the calculations mentally, and quickly. You can estimate to: justify if your answer is correct check to see if your answer makes sense.
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expectation An expectation is a belief about what might happen in the future, like your expectation to stay close with your best friends your whole life. The word expectation comes from the Latin word expectationem, meaning an awaiting.. If you have great expectations, you think something good will come your way, but if keep your expectations low, you won't risk being disappointed.
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Audit Procedures on Accounting Estimates Audit Procedures on Accounting Estimates. An accounting estimate is an approximation of a financial statement element, item, or account in the absence of exact measurement.anagement is responsible for establishing the process and controls for preparing accounting estimates. Judgment is requires in making an accounting estimate. Accounting estimates may have a significant affect on a company’s financial statements.
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Cost estimate A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate.
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- Here are all the possible meanings and translations of the word estimate. Princeton's WordNet(5.00 / 2 votes)Rate this definition: estimate, estimation, approximation, idea(noun) an approximate calculation of quantity or degree or worth. an estimate of what it would cost; a rough idea how long it would take.
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approximation approximation. n. 1. the process or result of making a rough calculation, estimate, or guess: he based his conclusion on his own approximation of the fuel consumption.2. an imprecise or unreliable record or version: an approximation of what really happened.3. (Mathematics) maths an inexact number, relationship, or theory that is sufficiently accurate for a specific purpose. 4. (Mathematics) maths. a. an estimate of the value of some quantity to a desired degree of accuracy.. the process or result of making a rough calculation, estimate, or guess: he based his conclusion on his own approximation of the fuel consumption. 2. an imprecise or unreliable record or version: an approximation of what really happened.
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- Confidence Interval Estimation. 2. Definition. A point estimate of a parameter is the value of a. statistic that is used to estimate the parameter. A confidence-interval estimate of a parameter. consists of an interval of numbers obtained from a. point estimate of the parameter together with a. percentage that specifies how confident we are that. the parameter lies in the interval. The confidence. percentage is called the confidence level.
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What's The Difference Between A Bid, Estimate, Proposal, and Quote From Your General Contractor A quote can also refer to a dollar amount that a contractor receives from a material supplier or other vendor. A general contractor will use the quote that is given to him in the estimate, bid, or proposal that he gives to you.
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estimate Learner's definition of ESTIMATE. 1. [count] : a guess that you make based on the information you have about the size, amount, etc., of something. According to government estimates, current oil reserves are 10 percent lower than they were a year ago. One conservative estimate is that he stole five million dollars.
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Visual Synonyms of estimate estimate. Number is the generic term. To count is to number one by one. To calculate is to use more complicated processes, as multiplication, division, etc., more rapid but not less exact. Compute allows more of the element of probability, which is still more strongly expressed by estimate.
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How to Estimate a Math Problem How to Estimate a Math Problem. Estimation is a great way to check your work and solve math problems quickly. Once you learn to round numbers successfully, you can do much more complex math equations in your head. Here are some tips and tricks for mastering the art of rounding and estimation.
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- An interval estimate is defined by two numbers, between which a population parameter is said to lie. For example, a < μ < b is an interval estimate for the population mean μ. It indicates that the population mean is greater than a but less than b. AP Statistics.
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- There are two main methods: 1. Point estimate: Summarize the sample by a single number. that is an estimate of the population parameter; 2. Interval estimate: A range of values within which, we believe, the true parameter lies with high probability. Example. Suppose I wanted to estimate the mean height of all. female students at UNC. I took a sample in this class and the. sample mean was x= 65:5 (inches).
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What is estimate - Definition and Meaning Estimate : Calculation of the approximate value of the result is called the estimation.
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what's difference between quote and estimate? Some treat an estimate as only that, and charge all jobs at time & materials. Depending upon the job, there may be a chance of concealed damage or once you open up something (or are well into the process) find more things that were not, or could not be obvious from initial inspection.
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Visual Synonyms of estimate Princeton's WordNet(5.00 / 2 votes)Rate this definition: 1  estimate, estimation, approximation, idea(noun) an approximate calculation of quantity or degree or worth. an estimate of what it would cost; a rough idea how long it would take. 2  estimate, estimation(noun) a judgment of the qualities of something or somebody.
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- The Measurement Estimate is the precision to which a measuring device can be read, and is. always equal to or smaller than the least count. The measurement estimate is generally taken to. be the least count or some fraction (1/2, 1/3, 1/4) of the least count.
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estimate- definition and synonyms Blog. A must for anyone with an interest in the changing face of language. The Macmillan Dictionary blog explores English as it is spoken around the world today. Definition and synonyms of estimate from the online English dictionary from Macmillan Publishers Limited.
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- The standard error of the estimate is a measure of the accuracy of predictions. Recall that the regression line is the line that minimizes the sum of squared deviations of prediction (also called the sum of squares error).
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confidence interval A measure of the precision of an estimated value, which corresponds to a range of values consistent with the data that have a high probability (± 95%) of encompassing the true value. The confidence interval is expressed in the same units as the estimate.
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- Opinions please... Doesn't matter what you think the difference is, it's what the person asking for it thinks it is. A quote gives an approximate price while a proposal gives an exact price. A quote gives an approximate price while a proposal gives an exact price. I've yet to meet anyone who considered a quote to be an approximate price.