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 Description  
 Estimate:  A guess about the size, cost, or quality of something.
When we look at a scatter plot of two variables, if we could draw a straight line with a ruler close to most of the data, we would be able to predict the value of one variable based on a value of the other.

Through this procedure an estimate of the equation of the line is sought. An estimate is not about being exactly correct. It provides what some people refer to as a "ballpark figure" - something that is near to and could be, but is not expected to be, exact.



Compare the above graph to the one below. Although the line below goes through two of the data points, all the rest of the data is above the line, where in the line above the number of points above and below the line are nearly equal.