An approximate value of the total cost of a service, product, resource, or project, used for planning, sales quotes, or resource allocation. Cost estimates are generally prepared as accurately as possible, to prevent misallocation of resources or negative perceptions from clients, managers, or potential customers.
Related information about cost estimate:
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Our independent cost estimate was based on historical usage of this contract. The estimate was determined to be $200,000. However, our using Department has ...