explain estimation in detail ?

Estimation is the process of finding an approximate solution to a problem when an exact answer is not
known or not possible to determine. It is a way of making decisions with incomplete information.
Estimation involves making an educated guess about the size, quantity, duration, or cost of something.
Estimation may be used in a variety of different fields, such as business, engineering, science, and
mathematics.

Estimation is usually done by comparing the size, quantity, or cost of the unknown to a known quantity.
For example, if you need to estimate how much a new car will cost, you might compare it to similar cars
you have seen before. Estimation can also involve using mathematical formulas to make an educated
guess. For example, if you need to estimate how long it will take to build a bridge, you might use a
formula that takes into account the size of the bridge, the materials you will use, and the labor costs.

Estimation is an important skill for many professions, as it can help you make decisions quickly and
accurately. It can also help you plan for the future and allocate resources efficiently. Estimation is also
used in statistics, where it is used to make predictions about future events or trends. It is also used to
help identify problems and develop solutions. In conclusion, estimation is an important skill that can
help you make decisions, plan for the future, and develop solutions.

Question.02 :

Explain Estimation techniques?

Estimation techniques are methods used to arrive at an approximate value for a particular quantity or
measure. These techniques are widely used in project management, budgeting, forecasting, decision
making and cost analysis. Estimation techniques can be used to predict the cost and duration of a
project, the size of a market, the number of customers or the impact of a particular policy or event.

The most common estimation techniques include analogy, parametric estimation, bottom-up
estimating, top-down estimating, Monte Carlo simulation and expert judgment. Analogy is a method of
estimating a quantity or value based on a similar situation from the past. Parametric estimating uses
statistical or mathematical models to estimate the cost or duration of a project. Bottom-up estimating
involves breaking down the project into smaller components and calculating an estimate based on the
individual components. Top-down estimating is the opposite approach and involves looking at the
overall project and making an estimate based on the size and scope of the project. Monte Carlo
simulation is a computer-based method of estimating cost and duration by running simulations with
different input values. Expert judgment is a method of estimating a quantity or value by relying on the
expertise of individuals familiar with the project or issue.
Estimation techniques are useful tools for predicting the future, but they are not always accurate. It is
important to understand the limitations of each technique and to use them in combination to arrive at a
more accurate prediction.