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Noun: underrating  ,ún-du(r)'rey-ting or 'ún-du(r),rey-ting
  1. An estimation that is too low; an estimate that is less than the true or actual value
    "Their underrating of the task's complexity led to missed deadlines";
    - underestimate, underestimation, underreckoning
Verb: underrate  ,ún-du(r)'reyt
  1. Make too low an estimate of
    "he underrated the work that went into the renovation";
    - underestimate

Type of: approximation, estimate, estimation, idea, misjudge