cost estimate
Definition
Approximation of the probable total cost of a product, program, or project, computed on the basis of available information. Four common types of cost estimates are: (1) Planning estimate: rough approximation of cost within a reasonable range of values, prepared for information purposes only. Also called ball park estimate. (2) Budget estimate: approximation based on well defined (but preliminary) cost data and established ground rules. (3) Firm estimate: based on cost data sound enough for entering into a binding contract. (4) Not-to-exceed /Not-less-than estimate: maximum or minimum amount required to accomplish a given task, based on firm cost estimate.
cost estimate is in the Accounting & Auditing, Agreements & Contracts and Purchasing & Procurement subjects.
cost estimate appears in the definitions of the following terms:
cost verification,
roundtable cost estimating,
non-standard adders,
engineering cost estimate,
cost management system,
fee,
estimating system,
cost proposal,
job order,
cost validation
and
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