Many times in books/articles I see terms "Calculation" and "Estimation". What is the difference between these two terms and when to use each of them?


From reddit: https://www.reddit.com/r/statistics/comments/bxld2i/calculation_vs_estimation_what_is_the_difference/

You estimate the population mean from the sample.

You calculate the population mean from full enumeration.

Generally calculation is for a known quantity and an estimation had variance attached to it.

But to confuse things calculation is sometimes used just to describe manipulating numbers. E.g. I did a calculation of the s.d of the mean.

Calculation will result a Certain answer , but Estimation is a calculation which we are not certain about the answer and the answer is probability most time more than 90%.

We can calculate how many unemployment exist in percent. For example, 20% ( we are sure about this number as we divide number to the total.)

But we cannot calculate how many unemployment will be next year. We estimate it . It maybe be 30% (and we are not sure cause many thing may change during the time)

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