Cost Estimate

A cost estimate is a detailed prediction of the expenses required to complete a project or purchase. It considers all factors like materials, labor, equipment, and overhead costs. The goal is to provide an approximate budget so decision-makers can plan effectively and ensure there are enough funds to cover the work. Cost estimates are based on project scope, historical data, and market prices, and they can be refined as more information becomes available. They serve as a crucial tool for managing budgets, assessing feasibility, and making informed financial decisions.