Cost estimation
The process of forecasting the cost of completing a construction project.
Cost estimation involves predicting the financial resources required for a project, guiding budgeting and decision-making. Accurate estimates are crucial for financial planning, securing funding, and managing project costs. They influence bidding strategies, project viability, and stakeholder confidence, requiring continuous updates and adjustments to reflect changes in scope, market conditions, and project progress to ensure financial control and success.
Used in a sentence
Accurate cost estimation is crucial for preparing a competitive bid.
Synonyms/variation
Budgeting
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