Estimation is the process of making use of rough estimates that are approximable to the true value when carrying out calculations.
Estimation is used when finding actual products or solving real-world problems in order to get results that are as close as possible to the true value.
This is usually done for many reasons:
- To carry out calculations in case of unavailability of real experimental data. Estimates that are very close to real values will be used for the purpose of calculations and mathematical analysis
- For easy computations. Carrying out products and some other arithmetic operations may not be convenient using real values, in this case, estimations are done.
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