The phrase "an estimate based upon" is correct and usable in written English.
You can use it when discussing a calculation or approximation that relies on certain data or criteria.
Example: "The report provides an estimate based upon the latest market trends and consumer behavior."
Alternatives: "an estimate derived from" or "an estimate grounded in".
The NSSF said, "The 350,000 number is a conservative estimate based upon numerous surveys, consumer purchases, NICS background check data and also private party transactions". The NSSF used the same criteria to estimate that at least one million New York residents have firearms the state banned the sale of and demanded that owners register with the police.
The proportion of candidate fathers sampled was set at 80 percent, which was considered a conservative estimate based upon the observed frequency of flowering conspecifics across the entire SFR.
A previous estimate based upon cytology, placed the Conus bullatus genome at around 3 billion base pairs [ 37].
The attack rate of 4% was hence selected as a conservative estimate based upon data from randomized placebo influenza vaccine studies in healthy adults with laboratory (by serology or a mixture of serology and culture) confirmed endpoints reviewed in the Cochrane data base [ 3].
One of the most widely used tools in estimation theory is the Kalman filter (Kalman 1960), which gives a sequential, unbiased, minimum error variance estimate based upon a linear combination of real time observations and dynamics.
The new estimate, based upon reporting by a whopping twenty-one states, is now 22 veteran suicides per day.
We propose to collect a sample of 180 participants and we estimate (based upon Hodgins et al., 2009) that we will successfully follow about 153 participants at three months.
[On his pre-war assessment that it would take several hundred thousand U.S. troops to stabilize Iraq:] My estimate, based upon past experiences, was provided in a way so as not to foreclose options for you or the Combatant Commander...
City Engineer Vitaly Troyan offered the rough estimate based upon his knowledge of the backlog of repairs and the demands to widen streets and construct other improvements to accommodate the city's expanding population.
