What is ballpark estimation?
A ballpark figure is a rough numerical estimate or approximation of the value of something that is otherwise unknown. A salesperson could use a ballpark figure to estimate how long a product a customer was thinking about buying might be viable.
What is a sentence for ballpark estimate?
Example Sentences She manages to give her father a ballpark amount that she would need every week. I have donated this ballpark figure to the children’s aid this morning. Even a ballpark figure to this number is going to hurt our overall numbers very badly this quarter.
How accurate is a ballpark estimate?
Because a ballpark estimate is a rough guess, it should not be taken with much authority. Ball park estimates have been known to vary substantially from a “Detailed Estimate” by as much as 50%-80% because of the many unknowns within the project. These errors are common in ballpark estimates.
Why does ballpark mean approximate?
A ballpark is a large area surrounded by a fence. If you have to get something “within the ballpark”, you can hit anywhere in a large area and still be within the ballpark. That is why it is ‘approximate’.
Why is it called ballpark?
ballpark “baseball stadium,” 1899, from (base) ball + park (n.). Figurative sense of “acceptable range of approximation” first recorded 1960, originally referring to area within which a spacecraft was expected to return to earth; the reference is to broad but reasonably predictable dimensions.
Do you have a ballpark figure?
An approximate number; an estimate. Do you have a ballpark figure for the cost of the renovations? That’s just a ballpark figure—they don’t know exactly how many people will be attending the event.
What is the most accurate type of estimate?
Unit Price Estimate
Unit Price Estimate: Working drawings and full specifications are required to complete a unit price estimate—the most accurate of the four types, but also the most time-consuming. Used primarily for bidding purposes, accuracy is -5% to 10%.
Can you give me a ballpark figure?
How are Ballpark figures used in the business world?
Ballpark figures are also used everywhere in the business world, such as estimating how much it might cost to expand into a certain market, or how many years it might take for a company to be profitable or for sales to justify a large purchase.
Which is the correct definition of ballpark estimate?
a ballpark estimate. A ballpark figure or a ballpark estimate is an approximate figure or quantity. Note: A ballpark is a park or stadium where baseball is played.
How are ballpark numbers used in real life?
While ballpark figures are used frequently and can be helpful in establishing a baseline for discussion, they should be treated as nothing more than estimates; they are not hard numbers. These figures are frequently blown out of proportion by salespersons and other professionals who must use persuasion to generate income or close deals.
How to calculate the ballpark of the duration of a bond?
The ballpark estimate for the duration is given by a simpler procedure described below: MV (down) – The market value of the bond calculated by decreasing the current yield by a small amount (∆y) MV (up) – The market value of the bond calculated by increasing the current yield by a small amount (∆y)
How can ballpark estimates help determine if your project is feasible?
Ballpark estimates can help you quickly determine if your project is feasible. Here’s how. Your first step in estimating is often to establish whether a project is financially feasible, given your budget.
When to use a ballpark figure in business?
Ballpark figures can be helpful in establishing a placeholder, for purposes of conversation or estimation, when a more precise number is not available. Ballpark figures are used in daily life and in many aspects of business; however, it is important to remember it is just an estimate, not an accurate read of something.
Can a contractor give you a ballpark estimate?
Many contractor’s are leery about giving a quick “ballpark” or “drive-by” estimate, since they are afraid that you will want to stick to this number even if their actual bid comes in higher – as it often does. If you get an “estimate” from a contractor, clarify whether this is a binding bid or just a rough estimate of what the job might cost.
While ballpark figures are used frequently and can be helpful in establishing a baseline for discussion, they should be treated as nothing more than estimates; they are not hard numbers. These figures are frequently blown out of proportion by salespersons and other professionals who must use persuasion to generate income or close deals.