cost estimates

Cost estimates are educated guesses about how much a project or activity will cost, based on available information and past experience. They help plan budgets by predicting expenses for materials, labor, permits, and other resources. While estimates aim to be accurate, actual costs may vary due to unforeseen circumstances. The goal is to provide a reasonable range to support decision-making, ensuring that enough funds are allocated to complete the work successfully. Cost estimates are essential for budgeting, project planning, and managing financial risks effectively.