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An approximation of the probable cost of a product, program, or project, computed on the basis of available information.
Four common types of cost estimates are:
(1) Planning estimate: a rough approximation of cost within a reasonable range of values, prepared for information purposes only. Also called ball park estimate.
(2) Budget estimate: an approximation based on well-defined (but preliminary) cost data and established ground rules.
(3) Firm estimate: a figure based on cost data sound enough for entering into a binding contract.
(4) Not-to-exceed /Not-less-than estimate: the maximum or minimum amount required to accomplish a given task, based on a firm cost estimate.
An approximation of the probable cost of a product, program, or project, computed on the basis of available information.
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values.
Cost Estimating is the process of developing an approximation of the costs of the resources needed to complete the project activities.
Thanks Eng.Alex.
Of course with your answer..
with my respect.
Agreed to the answer being given by Mr. Muhammad Adeel
Thank you for invitation. Cost estimators collect and analyze data in order to estimate the time, money, materials, and labor required to manufacture a product, construct a building, or provide a service. They generally specialize in a particular product or industry.
Thank you for the invitation. Cost estimation is the calculation of the cost of any product or material to be used.
Thank you for the invitation
Is the process of calculating all that has been spent on the project to see the feasibility of this project
Cost estimation is the process of working out the costs such as Variable Cost , Fixed Cost , Direct & Indirect Cost associated with the project. Basically cost estimation is done to approximate the monitory resources required to complete the project.
It is a process has to be done in the preliminary stage before the project execution or manufacturing in order to calculate and give a clear idea for the cost expected for the achievement either a Product, Service or an integration system. The estimating cost has to be approximately close the actual value as the success of any estimation process will assist to implement the project, Production, Services as requested without problems.
