Algorithm and Approximation

noun

• A precise rule (or set of rules) specifying how to solve some problem.
  • synonyms: algorithmic rule, algorithmic program

• (n.) The art of calculating by nine figures and zero.
• (n.) The art of calculating with any species of notation; as, the algorithms of fractions, proportions, surds, etc.

Algorithm is a complex mathematical model. In credit scoring, it is used to compare data in millions of credit reports and predict a person's likelihood to repay debts.

noun

• An approximate calculation of quantity or degree or worth.
  • usage: "an estimate of what it would cost"; "a rough idea how long it would take"
  • synonyms: estimate, estimation, idea
• The quality of coming near to identity (especially close in quantity. )
• An imprecise or incomplete account.
  • usage: "newspapers gave only an approximation of the actual events"
• The act of bringing near or bringing together especially the cut edges of tissue.
  • synonyms: bringing close together

• (n.) A continual approach or coming nearer to a result; as, to solve an equation by approximation.
• (n.) The act of approximating; a drawing, advancing or being near; approach; also, the result of approximating.
• (n.) An approach to a correct estimate, calculation or conception or to a given quantity, quality, etc.
• (n.) A value that is nearly but not exactly correct.