Which type of estimate is best suited for determining project feasibility?

The best type of estimate for determining project feasibility is the budget estimate. This estimate provides a preliminary cost projection based on detailed information obtained during the early phases of project planning. It considers the scope of work, timelines, and resources required, allowing project stakeholders to make informed decisions about whether to proceed with the project.

Budget estimates are typically more refined than order of magnitude estimates or class 5 estimates, which may provide a broader and less accurate range of cost projections. While a budget estimate might not contain all the specifics necessary for final decision-making, it lays a foundation that incorporates more detailed assumptions about the project, enhancing reliability when assessing feasibility. Definitive estimates, while accurate for final budgeting and planning, are usually generated at more advanced stages and are not typically utilized in the initial feasibility assessment phase.