are

the methods and techniques used to examine technical and cost data to determine

the economic potential and the practicality of project applications.

is

the process of establishing the value of a project in relation to other

corporate standards/benchmarks, project profitability, financing, interest

rates and acceptance.

is

prepared from flowsheets, layouts and equipment details. This is often required

for the owner’s budget system. These estimates are established on quantitative

information and are a mixture of firm and unit prices for labour,

material and equipment. It is used to establish the funds

required and for obtaining approval for the project. Other

terms used to identify a ...... estimate include Appropriation, Control,

Design, etc.