Algorithm and Estimation

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

• A document appraising the value of something (as for insurance or taxation.
  • synonyms: appraisal, estimate
• The respect with which a person is held.
  • usage: "they had a high estimation of his ability"
  • synonyms: estimate
• 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, approximation, idea
• A judgment of the qualities of something or somebody.
  • usage: "many factors are involved in any estimate of human life"; "in my estimation the boy is innocent"
  • synonyms: estimate

• (v.t.) Supposition; conjecture.
• (v.t.) An opinion or judgment of the worth, extent or quantity of anything, formed without using precise data; valuation; as, estimations of distance, magnitude, amount or moral qualities.
• (v.t.) The act of estimating.
• (v.t.) Favorable opinion; esteem; regard; honor.