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What is an estimate based on?
It is based on approximate values for the variable or a model which is not accurate or both.
An estimate is not a guess because an estimate is based on?
Some previously held information, which is used to come to an estimate. A guess involves no previously held information.
What is statistical estimate?
A statistical estimate is an estimation of population based on one or many data samples of a group. There are two types of estimates: point and interval.
How do you use rate in everyday life situation?
To estimate journey times you would use speed which is a rate of displacement.If you have a job, you will be paid at an hourly, monthly or annual rate. Or, if on commission, on a rate based on your sales.To estimate journey times you would use speed which is a rate of displacement.If you have a job, you will be paid at an hourly, monthly or annual rate. Or, if on commission, on a rate based on your sales.To estimate journey times you would use speed which is a rate of displacement.If you have a job, you will be paid at an hourly, monthly or annual rate. Or, if on commission, on a rate based on your sales.To estimate journey times you would use speed which is a rate of displacement.If you have a job, you will be paid at an hourly, monthly or annual rate. Or, if on commission, on a rate based on your sales.
What is an educated guess based on knowledge and observation?
In mathematics, it is often useful to make an educated guess when working on the solution to a problem. This is called an estimate.
