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A quantitative assessment of the likely amount or outcome. Usually applied to project costs, resources,effort, and durations and is usually preceded by a modifier (i.e. preliminary, conceptual, feasibility, order-of magnitude,definitive). It should always include some indication of Accuracy (e.g. x percent). See also budget and cost. 

(From PMConnection: Cost is not actually a term in the 5th edition of PMBOK glossary, but you can find it in the 4th edition of PMBOK here: Cost)

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PMBOK® Glossary Terms and Definitions (5th Edition)

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