Budget estimate

Types of Cost Estimates | Rough Order of Magnitude (ROM) | Budget Estimate | Definitive Estimate

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Budget Estimate or Estimate is an assessment of the likely quantitative result. Usually applied to project costs and durations and should always include some indication of accuracy (e.g., ±x percent). Usually used with a modifier (e.g., preliminary, conceptual, feasibility). Some application areas have specific modifiers that imply particular accuracy ranges (e.g., order-of-magnitude estimate, budget estimate, and definitive estimate in engineering and construction projects).

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