A process by which we estimate the value of dependent variable on the basis of one or more independent variables is called

The process you're referring to is called Regression Analysis.

Here are the steps:

1. Identify the dependent variable: This is the variable you want to predict or estimate.

2. Identify the independent variables: These are the variables that you will use to predict or estimate the dependent variable.

3. Collect data: You need data that includes the dependent variable and the independent variables.

4. Choose the type of regression: There are several types of regression (linear, logistic, etc.). The choice depends on the nature of your dependent variable and the expected relationship between the dependent and independent variables.

5. Estimate the regression parameters: This involves running the regression and getting the coefficients for the independent variables.

6. Interpret the results: The coefficients tell you about the relationship between the independent and dependent variables.

7. Validate the model: This involves checking whether the assumptions of the regression model are met and whether the model predicts well.