Scientific Wild Ass Guess -or- SoftWare And Giveaways
It refers to someone making a guess at something, for example you may hear "Take a SWAG at it." This acronym originally stood for "SoftWare And Giveaways" and was used extensively throughout computer companies (such as Microsoft) to refer to tchotchkes, until the marketing industry later adopted it.
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NetLingo Classification: Acronyms and Text Message