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The basis of estimates is created by (an output from) the PMI process to estimate costs, and then it is an input to the process to determine budget. The basis of estimates is the supporting documentation that explains how the cost estimates were developed. It also includes information like assumptions, constraints, range or accuracy (rough order of magnitude), and confidence level.

Related: activity cost estimates, parametric estimating, three-point estimating

The basis of estimates is described in the PMBOK, 5th edition, section 7.2.3.2.

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