An informed approximation of the expected cost, price, effort, duration, or resources required to deliver a product, service, or project. Estimates are developed using available information and may range from high-level indicative figures to detailed, fully costed estimates. See also: Rough Order of Magnitude (ROM).
Estimation, Estimate
An informed approximation of the cost, effort, duration, or resources needed to deliver a product, service, or project.
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Related Glossary Terms
The official compilation of permanent U.S. federal laws, providing the statutory basis for many contracting requirements.
A global classification system used to categorize products and services for procurement and spend analysis.
A unique 12-character identifier assigned via SAM.gov to organizations doing business with the federal government, replacing the DUNS number.
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