Define estimate and costing
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A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. ... A cost estimator is the professional who prepares cost estimates.
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Estimate: Estimation (or estimating) is the process of finding an estimate, or approximation, which is a value that is usable for some purpose even if input data may be incomplete, uncertain, or unstable.
Costing: Costing is any system for assigning costs to an element of a business. Costing is typically used to develop costs for customers.
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