Estimation methods are techniques used to approximate values or outcomes when exact data is unavailable. These methods are commonly applied in fields like statistics, project management, and finance to make informed decisions based on incomplete information. Common estimation techniques include point estimation, interval estimation, and Monte Carlo simulations. These methods help in predicting costs, timeframes, or resource needs by analyzing historical data or using expert judgment. By providing a range of possible outcomes, estimation methods allow individuals and organizations to plan effectively and manage risks associated with uncertainty in various projects or analyses.