What refers to a quantitative assessment that includes planned outcomes, resources, and schedules while addressing uncertainties?

The concept of estimation encompasses more than just initial calculations; it involves a comprehensive quantitative assessment. This process includes not only the predicted outcomes of a project but also the resources needed to achieve those outcomes and the schedules necessary for completion. Crucially, estimation incorporates uncertainties and potential variances in these plans, allowing project teams to better prepare for unpredictable elements that may arise during execution.

Estimation is vital for project management, as it assists in understanding the scope, duration, and resources required for a project, thus enabling more informed decision-making and prioritization. By considering various factors and potential risks, estimations lay the groundwork for effective planning and resource allocation, which ultimately supports project success.