I got a clear understanding of the word estimate when I was teaching mathematics to some high school kids few years ago. I taught them about estimation, and in contrast I explained the real value. Estimates are not real, they are assumptions that help us picture the real value.
While the real value is based on fact, estimate is based on your assumption, your estimate can either be close to the real figure or be far from it. Which means even when you are estimating, it has to be a good estimate.
Taking the stance that it is just an estimate can be risky because it can lead you off course if the estimate is not anywhere near the actual value. So, even an estimate need to be within a reasonable range.
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