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