Generate an Estimate

An estimate is a calculated approximation of the cost, time, or resources required to complete a task, deliver a product, or provide a service.

Key points:

• Purpose – Gives the client or stakeholder a projected idea of expected expenses, timelines, or quantities before work begins.

• Basis – Usually based on past experience, available data, and known variables, but may change once more details are known.

• Not a Final Price – Unlike a quote or invoice, an estimate is non-binding and may be adjusted if scope, materials, or circumstances change.

• Uses – Common in construction, manufacturing, consulting, and service industries to help budget and plan.

In short, an estimate is your best educated guess at what it will take—in cost, time, or effort—to deliver a specified result.

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Duration 52sec