ERP Term

An Estimate is a calculation to determine an item's cost and selling price.

An estimate can be tricky because it can mean different things in different contexts. An estimate is typically a calculation of an item's cost and selling price. This can be done using various methods, depending on the factors involved. For example, if you're estimating the cost of manufacturing a product, you'll need to consider the cost of materials, labor, and overhead. If you're assessing the selling price of a product, you might consider market demand and competition.

In either case, estimates are based on assumptions and educated guesses. As such, they are subject to change as new information becomes available. That's why it's essential to keep your estimates flexible and revisit them regularly. 

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