cost estimation
Projecting future expenses
Cost estimation is the process of predicting what something will cost before it's built, done, or purchased.
In construction, software development, and project management, cost estimation involves analyzing labor, materials, time, and risk to produce a budget: Their cost estimation came in twenty percent under the final price.
Accurate cost estimation is notoriously difficult—projects routinely exceed initial estimates.
- material costsSpending on raw inputs
- labor hoursTime spent working
- unit priceCost per single item
- project managementOverseeing work toward goals
- budgetingAllocating funds systematically
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