No it's not a new definition. It may be different from the one you're using but it isn't new. Are you referring to estimates that you provide to prospective customers? If so, you're right, the estimate is fully calculated from the best information available.
In grade-school math classes, though, an estimate is a quick approximation of the answer to a complicated calculation. If that approximation says that the result should be around 100 and your calculated answer is over 300, you immediately know that your result is suspect.
“In grade-school math classes, though, an estimate is a quick approximation of the answer to a complicated calculation. If that approximation says that the result should be around 100 and your calculated answer is over 300, you immediately know that your result is suspect.”
But what is the practical application of this exercise, other than as a test question on grade school math exams?
I’m still guessing the only practical application is to give a passing grade to students who can’t successfully calculate enough math problems correctly to earn a passing grade.
Most real world calculations are checked with something called doubling checking, or methods built into computer programs or spreadsheets.