Estimation (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. The value is nonetheless usable because it is derived from the best information available. An estimate that turns out to be incorrect will be an overestimate if the estimate exceeded the actual result, and an underestimate if the estimate fell short of the actual result.
Estimation is the true application of knowledge, skills, basic tools, and techniques in project management in order to meet the requirements of a particular project; with the requirements of a particular project come maturity, mix methods, and best practice.
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