The value is nonetheless usable because it is derived from the best information available.Typically, estimation involves “using the value of a statistic derived from a sample to estimate the value of a corresponding population parameter”.The sample provides information that can be projected, through various formal or informal processes, to determine a range most likely to describe the missing information. *Building Construction Estimation Excel SheetĮstimation (or estimating) is the process of finding an estimate, or approximation, which is a value that is usable for some purpose even if input data may be incomplete, uncertain, or unstable.
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