Resource estimation is the process of predicting the amount and type of resources needed for a project. This includes materials, labor, equipment, and time. Accurate estimation helps in budgeting and planning, ensuring that a project can be completed efficiently and within its constraints. In fields like construction and software development, resource estimation is crucial for success. Techniques such as expert judgment, analogous estimating, and parametric modeling are often used to improve accuracy. By understanding resource needs, teams can allocate their efforts effectively and avoid delays or cost overruns.