👉 Estimation engineering is a systematic approach to quantifying and managing uncertainties in complex systems, particularly in fields like manufacturing, supply chain, and project management. It involves the use of statistical and probabilistic methods to estimate the variability and potential outcomes of system performance, enabling more accurate predictions and informed decision-making. By identifying key sources of uncertainty and quantifying their impact, estimation engineering helps organizations optimize processes, reduce risks, and improve overall efficiency. This method typically includes techniques such as Monte Carlo simulations, sensitivity analysis, and Bayesian inference to provide a comprehensive understanding of system behavior under various conditions, ultimately leading to better planning and control.
