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.

(Wideman Comparative Glossary of Common Project Management Terms v2.1 )

Other Definitions

Estimate – 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). (Wideman Comparative Glossary of Common Project Management Terms v2.1 )

J. Jerrald Hayes
I am ex-architectural woodworker and general contractor turned IT, Business and Project Management consultant, software developer wannabe senior division triathlete and ski racer, Yankee fan and founder of Paradigm-360.com, 360 Difference Mac4Construction.com,iOS4Construction.com and now TheBuildingAndRemodelingWiki.com too.
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