A cost estimate is an assessment of the expected expenses associated with a project or task. It helps individuals and organizations plan their budgets by providing a detailed breakdown of costs, including materials, labor, and overhead. Accurate cost estimates are essential for making informed financial decisions and ensuring that projects stay within budget. Cost estimates can vary in complexity, from simple calculations for small projects to detailed analyses for large undertakings like construction or manufacturing. Tools and techniques, such as cost estimation software and historical data, are often used to improve accuracy and reliability in the estimation process.