Estimation, Approximating a Precise Value

Estimation (Approximating a Precise Value) is very useful especially when someone wishes to know whether he/ she has arrived at a logical solution to a problem under study. It is useful to learn about how to estimate the total sum of a bill to avoid immediate overpayments. For example, one can estimate the total amount of shop (supermarket) receipts. The estimate of these receipts can be done by rounding the amount of each item to the nearest half and keeping a running total mentally from the first item to the last one.

Suppose the following is a shop receipt, with the estimated amount and running total. Consider, the estimation, approximating a precise value for a utility bill.
Shop Item, Actual Amount, Estimated Amount, Running Total.

Shop ItemActual AmountEstimated AmountRunning Total
Item 14.504.504.50
Item 23.503.508
Item 40.600.510
Item 52.95313
Item 62.85316
Item 71.601.5017.5
Item 82.75320.5
Item 92.42.523

From the above canadian online pharmacy example, it can be observed that estimation is a process of finding an estimate of a value. It saves time and results in the nearest possible exact value. An estimate can be overestimated (when the estimate exceeded the actual value) and underestimate (when the estimate fell short of the actual value).

Estimation, Approximating a Precise Value

In some cases, an estimate can be performed to round all of the numbers that you are working to the nearest 10 (or 100 or 1000) and then do the necessary calculations. In everyday life, the estimation can be used before you do a problem in an easier and faster way. It helps you to determine whether your answer is reasonable. Estimation is also useful when you need an approximate amount instead of a precise value.

Muhammad Imdad Ullah

Currently working as Assistant Professor of Statistics in Ghazi University, Dera Ghazi Khan. Completed my Ph.D. in Statistics from the Department of Statistics, Bahauddin Zakariya University, Multan, Pakistan. l like Applied Statistics, Mathematics, and Statistical Computing. Statistical and Mathematical software used is SAS, STATA, GRETL, EVIEWS, R, SPSS, VBA in MS-Excel. Like to use type-setting LaTeX for composing Articles, thesis, etc.

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