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In project cost estimating, estimators may create a three-point estimate of cost using optimistic, pessimistic, and most likely costs. Alternatively, for projects that measure deliverables in units of time with fixed costs, estimators may use expected durations as the number of units and determine costs via parametric estimates.

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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.

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