budget estimate

The prediction of the quantitative result. It is usually applied to project costs, resources and durations.

SOURCE: welcom.com

1. An assessment of the likely quantitative result. Usually applied to project costs and durations and should always include some indication of accuracy (e.g., + or - 15%). Usually used with a modifier (e.g., preliminary, conceptual, feasibility). Some application areas have specific modifiers that imply pre-set accuracy ranges (e.g., order of magnitude estimate, budget estimate, and definitive estimate in construction).

2. An evaluation of all the costs of the elements of a project or effort as defined by an agreed-upon scope. See order of magnitude estimate, budget estimate, and definitive estimate.

SOURCE: apm.com

See also: Estimate.