The methods used to estimate the cost of a project during the selection phase are generally slower and consume more resources than those used to create detailed estimates in later phases.

Estimate Cost

The process of forecasting the financial expenditure required to complete a project or produce a good.

Selection Phase

The stage in a project or procurement process where options are evaluated and choices are made regarding resources, suppliers, or methods.

Detailed Estimates

Comprehensive predictions of the expected costs, resources, or time needed to complete a project component or task.