However, the minimum value for the pollutant in those areas is 10 μg/m, so in fact the part of the curve below that point is an extrapolation, whereas between 10 and 30 μg/m only a small proportion of the total data contribute to the estimation, making estimates unstable.
There are other people making estimates.
"Making estimates and solving problems was his legacy to us," Allan London said.
Most of us are adept at making estimates about time, distance, weight, and volume.
Records of tornado occurrences are fragmentary for many areas, making estimates of global tornado frequency difficult.
Making estimates or forecasts about uncertain events, however, is a different matter.
As a result, our minds never become calibrated for making estimates in the face of uncertainty.
That means banks are largely making estimates for key benchmarks like the three-month and the one-year Libor.
Even though most of us are not very good at making estimates, we tend to be overconfident about our accuracy which can lead to bad decisions.
Even if we are neither overly confident nor unduly prudent, we can still fall into a trap when making estimates or forecasts.
To reduce the effects of overconfidence in making estimates, always start by considering the extremes, the low and high ends of the possible range of values.
