Guesstimate
A combination of the words “guess” and “estimate,” refers to the process of making an educated guess or estimation without complete information or data. It is a common business term used in situations where a rough approximation is necessary or when exact figures are difficult to obtain. Guesstimates are often used in business planning, budgeting, forecasting, and other financial calculations, as well as in project management and risk assessment. However, guesstimates are not always accurate and can be subject to a wide range of errors, biases, and uncertainties.
An example of “guestimate” in business coaching could be when a business coach is asked to estimate the return on investment (ROI) of their coaching services, they may need to make a guesstimate. For example, they might estimate that a client could increase their revenue by 10% in the first year of coaching. This guesstimate is based on their experience and knowledge of the client’s industry, but it’s not an exact calculation. It can be a useful tool for setting expectations and helping clients understand the potential value of coaching, but it’s important to be transparent about the uncertainties involved in any guesstimate.
Guesstimate DEFINITION:
Guesstimate QUOTE:
1."A guesstimate is like a blindfolded game of darts - you're aiming for the bullseye, but who knows where it'll actually land!" 2."A guesstimate is the business world's version of 'close enough' - it's not exact, but it's better than a wild guess!"