project management glossary

estimate

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

 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).

 An evaluation of all the costs of the elements of a project or effort as defined by an agreed-upon scope.

 A prediction of future performance in terms of cost and time.

 A forecast or guess about how long an activity will take, how many resources might be required, or how much it will cost.

 A quantified assessment of the resources required to complete part or all of a project. The prediction of the quantitative result. It is usually applied to project costs, resources and durations.

 See Order Of Magnitude Estimate, Budget Estimate, and Definitive Estimate.