Meaning & Definition of word "Estimate"

Estimate

/ˈɛstɪmeɪt/

noun:

  • 1. An approximate calculation or judgment regarding the value, number, quantity, or extent of something.
    • Example: The contractor provided an estimate for the renovations.
  • 2. A valuation or assessment of something.
    • Example: The estimate of the house's worth was significantly higher than expected.

verb:

  • 1. To determine an approximate value, amount, or quantity.
    • Example: We need to estimate the cost of the project before proceeding.
  • 2. To form an opinion or judgment about something.
    • Example: He was asked to estimate the effectiveness of the new marketing strategy.

Etymology

Middle French 'estimer', from Latin 'aestimare' meaning to value or appraise.

Common Phrases and Expressions

underestimate:

To value something as less than its actual worth.

ballpark estimate:

An approximate estimate meant to be fairly close to the actual value.

educated guess:

A guess that is made based on knowledge or experience.

Related Words

estimate:

a calculated approximation or assessment of some value

appraisal:

an expert estimate of the value of something

valuation:

the process of determining the current worth of an asset or company

assess:

to evaluate or estimate the nature, ability, or quality of

Slang Meanings of estimate

Meaning: guesstimate

Example Sentence: I’ll just guesstimate how many people will show up.

Meaning: number crunch

Example Sentence: We need to number crunch before giving an estimate.