The process of calculating project costs, timelines, and resource requirements based on scope and specifications. Accurate estimation is critical for project planning, budgeting, scheduling, and resource allocation to ensure successful project delivery.
Estimation Types
- Cost estimation (materials, labor, overhead)
- Schedule estimation (duration and timeline)
- Resource estimation (personnel, equipment, materials)
- Risk estimation and contingency planning
- Parametric estimation using historical data
- Bottom-up vs. top-down estimation approaches
- Confidence level and accuracy ranges
Related Terms