Estimation

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. Typically, estimation involves "using the value of a statistic derived from a sample to estimate the value of a corresponding population parameter". The sample provides information that can be projected, through various formal or informal processes, to determine a range most likely to describe the missing information. 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.

How estimation is done

Estimation is often done by sampling, which is counting a small number of examples something, and projecting that number onto a larger population. An example of estimation would be determining how many candies of a given size are in a glass jar. Because the distribution of candies inside the jar may vary, the observer can count the number of candies visible through the glass, consider the size of the jar, and presume that a similar distribution can be found in the parts that can not be seen, thereby making an estimate of the total number of candies that could be in the jar if that presumption were true. Estimates can similarly be generated by projecting results from polls or surveys onto the entire population.

Estimate (disambiguation)

An estimate may be:

Estimate (horse)

Estimate (foaled 4 April 2009) is an Irish-bred, British-trained Thoroughbred racehorse who won the Queen's Vase at Royal Ascot as a three-year-old. As a four-year-old she won the Sagaro Stakes before returning to Royal Ascot to win the Gold Cup. She is owned by Queen Elizabeth II and trained by Sir Michael Stoute. In 2014 she tested positive to morphine in a post race drugs test and was disqualified from second place in the Gold Cup, but went on to win the Doncaster Cup.

Background

Estimate is a bay filly bred by the Aga Khan's Studs and foaled on 4 April 2009. She was sired by Monsun, who won the Europa Preis twice. He was also a successful stallion, siring Shirocco, Manduro and Stacelita. Estimate's dam is Ebaziya, a daughter of Darshaan. Ebaziya was trained by John Oxx and won three Listed races in Ireland, including the Ballysax Stakes. Ebaziya was given to Queen Elizabeth II as an 80th birthday present. She was sent to German sire Monsun, resulting Estimate. She is the 14th foal of Ebaziya and one of her eight winner offsprings.