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No, it is not. Estimating may be rounding but need not be.
Estimating one of them is equivalent to estimating the other.
No. Measuring is getting an exact length. Estimating is guessing what the length is
One strategy is estimating the factors the other i don't know
That has a lot of applications, related to finding a general tendency, calculating or estimating the mathematical expectation (important for investments), etc.