Informal inferential reasoning
In statistics education, informal inferential reasoning (also called informal inference) refers to the process of making a generalization based on data (samples) about a wider universe (population/pro
Three-point estimation
The three-point estimation technique is used in management and information systems applications for the construction of an approximate probability distribution representing the outcome of future event
Guesstimate
Guesstimate is an informal English portmanteau of guess and estimate, first used by American statisticians in 1934 or 1935. It is defined as an estimate made without using adequate or complete informa
Scientific wild-ass guess
Scientific wild-ass guess (SWAG) is an American English slang term meaning a rough estimate made by an expert in the field, based on experience and intuition. It is similar to the slang word guesstima
Consensus forecast
Used in a number of sciences, ranging from econometrics to meteorology, consensus forecasts are predictions of the future that are created by combining together several separate forecasts which have o
Back-of-the-envelope calculation
A back-of-the-envelope calculation is a rough calculation, typically jotted down on any available scrap of paper such as an envelope. It is more than a guess but less than an accurate calculation or m