👉 Estimations are methods or calculations used to estimate a value, quantity, or other characteristic of an object or system. These estimates can be based on previous data, observations, or mathematical models. For example, in economics, economists might use linear regression analysis to estimate the relationship between two variables (e.g., income and spending) over time by fitting a straight line through observed data points. In statistics, estimations are used for hypothesis testing, where they can be used to make predictions based on known
