What is project estimation?

[addisoncave]

Please guide me about project estimation from the basic!

[Dam Ponting]

In Project administration (e.g., for building), precise evaluations are the premise of sound undertaking arranging. Many procedures have been created to help designs in making precise evaluations, for example, Similarity based estimation. Compartmentalization (i.e., breakdown of undertakings) Cost gauge.

[davidweb09]

When the project will completed is the estimated time frame.

[ORLOVA]

Project Estimating. Estimating is a critical part of project planning, involving a quantitative estimate of project costs, resources or duration.

[richardmsmith]

Project estimation techniques are critical survival tools for predicting when a project will finish and how much it will cost. Estimating duration and cost accurately can make the difference between consistent success and frequent failure.

[DavidMichael]

The project estimation means to estimate the project cost and time.

[admons]

Project Estimation is a critical part of project planning, involving a quantitative estimate of project costs, resources or duration. One conundrum in estimating, especially for public-sector projects, is that bidders sometimes make overly optimistic estimates in order to win the business.

[Servers Base]

No matter the size or budget, estimating a project can be a daunting task. In order to create a workable estimate, you need to know your team, deliverables, tasks, and process like the back of your hand.
Steps to create project estimation:
1. Understand your team’s expertise & job responsibilities
2. Become the go-to expert of your company’s project process
3. Broaden your PM skill set
4. Study estimation history
5. Ask more of the right questions
6. Apply a work breakdown structure
7. Estimate projects with Team
8. Get to planning and estimation

[RH-Calvin]

Estimation is the process of finding an estimate, or approximation, which is a value that can be used for some purpose even if input data may be incomplete, uncertain, or unstable. Estimation determines how much money, effort, resources, and time it will take to build a specific system or product.

[lishmalinyjames]

Project estimates are projections of costs, task completion times and resource needs for a project, often broken down by activity. Estimates are the basis for plans, decisions and schedules and their accuracy is critical.