budget (noun, bud-get, /ˈbʌdʒɪt/) estimate (noun, es-ti-mate, /ˈestəmət/)
Definition: is an approximate cost of a certain project, program, or activity. A budget estimate is usually prepared for planning and budgeting purposes only and doesn’t provide a sufficiently accurate basis for a firm business commitment. It typically presents an approximate scope of expenses for a budgeting strategy and plans. A budget estimate is required in order to develop a business strategy that is based on the financial factors like the investment revenue and the financial risks. Oftentimes, budget estimates include cost estimates, current business activities, revenue estimates, returns on investments, risk estimates, cash flow, etc.
In a Sentence:
- The current budget estimates allow us to plan the next year budget more freely since the calculated risks are much lower this year.
- We have to reduce the budget estimate since we are expecting the fuel prices to go up again.
- The report clearly states that the expenses remained within the limits of our budget estimates.
Synonyms and related words: budget, cost estimate, planning estimate, revenue estimate, budget controls, budget planning
