You know, besides the fact that the latter isn’t an actual word. I assume that if someone uses the word “guesstimate”, there’s a legitimate reason to, and that the word from which it derives somehow isn’t adequate or appropriate to convey the idea. Yet, I can’t conceive of a difference between the two at all!
Some help please.
Estimate = speculation based on data or past performance or observation
Guesstimate = Wild-ass shot in the dark, based on a gut feeling or intuition
Nah…
Estimate = It’s written down or otherwise documented that you said it.
Guesstimate = It’s not.
A guesstimate is what we call a WAG - wild ass guess. An estimate is
a SWAG - statistical wild ass guess.
Yeah, I would say that in comparison an ‘estimate’ is considered to be more systematic, based on some kind of familiar past patterns, if not exactly precise and dependable.
‘guesstimate’, to me, properly splits the difference between that and an off-the-cuff, “shot in the dark” guess. Some kind of intuitive notion of a basis for coming up with the result is behind it, but not nearly so systematic as a real estimate. That’s my opinion.
Estimate = your best guess based on what you know of a situation, be it data about similar situations in the past or knowledge about the future
Guesstimate = same as estimate, but you’re admitting upfront that it’s not very scientific, if at all. I usually refer to these as “brown numbers” because of their most likely source.
Estimate: Carefully considered appraisal of future cost and time based on past experience and relatively substantial knowledge of system requirements.
Guesstimate: Boss demands immediate estimate despite lack of prior exposure and given no guidelines or knowledge about required interfaces, goals, purpose, et cetera. Boss receives off-the-cuff number based upon phase of moon, orientation of planetary magnetic field relative to solar wind, blood sugar level of estimator, and lim τ→0 countdownHappyHour( τ ).
Stranger
Or to put it another way – an estimate is an inexact but carefully considered approximation. A guesstimate is the middle ground between an estimate and a guess.
In the semiconductor field, we always called a SWAG a “scientific” WAG, meaning that it was at least given with some understanding of the background material, as opposed to a WAG, which is pretty much worthless.
So you’d have a WAG (lowest reliability), then a guess, then a SWAG, then a guesstimate, then an estimate (highest reliability).
Of course, since most of those aren’t “real” words with “real” definitions, your mileage (and meaning) may vary.
Confidence. Accuracy is not a related variable.
Tris
Pffft. IMHO the difference is that “estimate” is a real word and “guesstimate” is not.
Just a pet peeve of mine. I’ve freakin’ hated the term “guesstimate” since it was introduced to our class by our 3rd grade math teacher. So cutesy-wootsy.
wanders off mumbling
And, uh, I think it was my fourth grade teacher who taught me to read the OP carefully before posting. :smack: Sorry.