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  Easy Factored Estimating& Process Cost Engineering    Some Observations:   In general an estimate is a true reflection of Scope Of Work    If the Scope Of Work is not well defined Estimate won’t be definitive  Scope Generation   At number of hemical companies all !ro ects are  being e#ecuted through the use of !$! % !ro ect $anagement !rocess&   !$! is a structured process with clearl' defined  phases of work   What Is An Estimate(   In general the Estimate is the 'ardstick against which cost performance of a pro ect is measured)   It is a technical document that defines a value or a range of values of the most probable cost of a  pro ect or a portion of a pro ect based on the agreed scope of work* the estimate basis and the uncertaint' of their components)   It is a management tool that provides the basis for  pro ect planning* budget preparation and cost and schedule controls)
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