Difference between "estimation" and "evaluation"?
I know they have different meanings, as I can find both in some texts, where they are not considered as synonyms. I give an example, but my question is not limited to this example.
We then contrast the predictions of this price image model with the predictions of reference price models in four domains: price evaluation, price estimation, choice, and inference making... Source
My question is:
What is the difference between "estimate/estimation" and "evaluating/evaluation".
What is the difference when I talk about prices?
Solution 1:
As nouns the difference between estimation and evaluation is that estimation is the process of making an estimate while evaluation is an assessment, such as an annual personnel performance review used as the basis for a salary increase or bonus, or a summary of a particular situation.
source: evaluation vs estimation
Solution 2:
Here is an illustrative example. Let's say that I were selling you an orange
- Based on your past orange purchases, you would estimate the price of this orange
- If I were to tell you the price of my orange, you would evaluate if my price is reasonable.