ESTIMATED COST Meaning and
Definition
-
Estimated cost refers to a calculated approximation or valuation of the expenditure required for a particular project, task, product, or service. It is an educated guess based on available information and relevant factors. Estimated costs are used for budgeting, planning, and financial analysis purposes.
The estimated cost factorizes several elements such as labor, materials, overhead, and any other expenses associated with the project or task. This estimation can be prepared by experts or professionals who possess knowledge and experience in the particular field or industry to accurately assess the possible expenses. It considers the complexity, scope, and duration of the project to predict the resources required and the associated costs.
The estimated cost is an essential component in decision-making processes. It helps stakeholders, such as businesses, organizations, and individuals, to evaluate and analyze the feasibility, viability, and financial implications of a project or task. By having a clear estimation of the costs involved, it enables effective planning and allocation of resources, ensuring that the project remains within the predetermined budget.
While an estimated cost provides a valuable framework, it is not an exact figure as it relies on assumptions, approximations, and available data. Actual costs may vary during the execution of the project due to unforeseen circumstances, changes in market conditions, or other factors. Therefore, regular monitoring and analysis of costs is necessary to ensure accurate financial control and adjust the estimates if needed.
Common Misspellings for ESTIMATED COST
- wstimated cost
- sstimated cost
- dstimated cost
- rstimated cost
- 4stimated cost
- 3stimated cost
- eatimated cost
- eztimated cost
- extimated cost
- edtimated cost
- eetimated cost
- ewtimated cost
- esrimated cost
- esfimated cost
- esgimated cost
- esyimated cost
- es6imated cost
- es5imated cost
- estumated cost
- estjmated cost
Etymology of ESTIMATED COST
The word "estimated" comes from the Latin word "aestimatus", which is the past participle of "aestimare", meaning "to value or estimate".
The word "cost" comes from the Old French word "coste", which means "expense or outlay". This Old French word is derived from the Latin word "constare", meaning "to stand at", which implies the cost required to obtain something.
Therefore, the term "estimated cost" combines the Latin word "aestimare" and the Old French word "coste" to refer to the approximate or evaluated expense of something.
Infographic
Add the infographic to your website:
