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An approximation is the intelligent guess based on the available information and on the degree of accuracy required. These values are nearly correct, but not exact.
The scientific method is carried out with a constant interaction between scientific laws (theory) and empirical measurements, which are constantly compared to one another.
Approximation also refers to using a simpler process. This model is used to make predictions easier. The most common versions of philosophy of science accept that empirical measurements are always approximations - they do not perfectly represent what is being measured. The history of science indicates that the scientific laws commonly felt to be true at any time in history are only approximations to some deeper set of laws.
Each time a newer set of laws is proposed, it is required that in the limiting situations in which the older set of laws were tested against experiments, the newer laws are nearly identical to the older laws, to within the measurement uncertainties of the older measurements. This is the correspondence principle.
Numerical approximations are sometimes from using a small sample of significant digits. Approximation theory is a branch of mathematics, a quantitative part of functional analysis. Diophantine approximation deals with approximation to real numbers by rational numbers.