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The U.S. Government Accountability Office defines a cost estimate as, "the summation of individual cost elements, using established methods and valid data, to estimate the future costs of a program, based on what is known today", and reports that "realistic cost estimating was imperative when making wise decisions in acquiring new systems". [7]
It is defined as an estimate made without using adequate or complete information, [3] [4] or, more strongly, as an estimate arrived at by guesswork or conjecture. [2] [5] [6] Like the words estimate and guess, guesstimate may be used as a verb or a noun (with the same change in pronunciation as estimate).
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. A cost ...
In statistics, an estimator is a rule for calculating an estimate of a given quantity based on observed data: thus the rule (the estimator), the quantity of interest (the estimand) and its result (the estimate) are distinguished. [1] For example, the sample mean is a commonly used estimator of the population mean. There are point and interval ...
Basis of estimate (BOE) is a tool used in the field of project management by which members of the project team, usually estimators, project managers, ...
An estimate is an approximation based on incomplete information. Estimate may also refer to: Estimates, annual preliminary budget forecasts in the Westminster system of government; Sales quote, estimate of cost provided to a potential buyer; Appraisal (disambiguation), estimate of price provided to a potential seller; Upper and lower bounds in ...
With President-elect Donald Trump's recent announcement of former surgeon-turned-TV host Dr. Mehmet Oz to lead the Centers for Medicare and Medicaid Services (CMS), questions are swirling about ...
Many significance tests have an estimation counterpart; [26] in almost every case, the test result (or its p-value) can be simply substituted with the effect size and a precision estimate. For example, instead of using Student's t-test, the analyst can compare two independent groups by calculating the mean difference and its 95% confidence ...