IPA: /ˌʌndərˌɛstəˈmeɪʃən/
KK: /ʌndərˌɛstəˈmeɪʃən/
A judgment or opinion that something is less important, serious, or valuable than it really is.
His underestimation of the project's complexity led to many problems later on.
Underestimation → It is formed from "under-" (meaning below or beneath) and "estimate" (from Latin "aestimare", meaning to value or assess). The word refers to the act of valuing something as less than its actual worth, hence assessing it below its true value.
Think of valuing something 'below' ('under-') its true worth ('estimate') — that's why underestimation means to assess something as less valuable.