Estimate
Official Definition:
An approximate calculation or judgement of the value, number, quantity, or extent of something.
Layman’s Definition:
An educated guess — based on what you know now — about how long something will take, how much it will cost, or how many people it will need.
Examples:
• Construction: Estimating it will take 6 weeks to complete site prep.
• IT: Providing an educated guess that a feature will need 80 developer hours.
• Healthcare: Planning on 1,200 staff to complete mandatory training.
When to Use:
During planning and throughout the project. Estimates should be reviewed and refined as more information becomes available.
What It Might Look Like in Practice:
• Built into the Project Plan and Stage Plans.
• Accompanied by assumptions and risk ratings.
• Updated when actuals are known.