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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. ... The following are common methods of developing project estimates.
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Project cost estimation is the process of predicting the quantity, cost, and price of the resources required by the scope of a project. Since cost estimation is about the prediction of costs rather than counting the actual cost, a certain degree of uncertainty is involved.
