• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Project Management Knowledge

Simply explained by a PMI-certified Project Manager

  • Home
  • Acronyms and Abbreviations
  • Definitions
  • About the Author
  • Deutsch
  • Show Search
Hide Search
You are here: Home / Definitions / E / Estimate

Estimate

An estimate is an input output mechanism that represents a method in which a project leader or project team member makes a judgment based on either previous experience or based on a compilation of information that has been gathered via various methods of information gathering is made as to the expected cost of a project in terms of either financial resources needed and/or in terms of man hours that may be needed in completion of this project. This judgment is typically determined through a careful quantitative assessment, and is traditionally applied to a modifier of sorts. Some examples of modifiers in this instance are preliminary, conceptual, feasibility, definitive, and/or order-of-magnitude. It is very important when providing and detailing an estimate via either a written or oral form to provide an indication of accuracy, such as a margin of error in terms of plus or minus percent that an estimate may be off.

This term is defined in the 3rd and the 4th edition of the PMBOK.

Related Articles:

 
  • Percent Complete (PC or PCT)  In the course of providing written estimates to all of the interested parties, the project management team and or the...
  •  
  • Estimate at Completion  The phrase estimate at completion, which can also be referred to by the three letter anagram EAC, is an input...
  •  
  • Estimate to Complete  The estimate to complete is an input output mechanism that is used to determine y the project team and the...
  •  
  • Should-Cost Estimate  To assist in project management when procuring items, it is recommended that an organization first complete a should-cost estimate. The...
  •  
  • Latest Revised Estimate  See estimate at completion This term is defined in the 3rd edition of the PMBOK but not in the 4th....
  • Primary Sidebar

    Dear Visitor, I am a PMP (Project Management Professional), certified by the Project Management Institute since 2004. I have been managing dozens of projects, small and huge, successful and unsuccessful. This site is supposed to help you learn the required vocabulary of the project management world. Please feel free to check my certification status or to learn more about me.

    Copyright © 2021

    • Privacy Policy