Are Budgeting and Project Cost Estimation the Same Thing?
No, they are not the same, but they are closely related. Project cost estimation is the process of predicting the total cost of a project by analyzing tasks, resources, labor, and materials. It provides a detailed forecast of expected expenses. Budgeting, on the other hand, involves setting a spending limit based on that estimate and available funds. In short, estimation helps you understand how much a project might cost, while budgeting helps you decide how much you can and should spend.
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