In construction, estimation is the process of forecasting the costs of building a structure. The estimating process may span several phases of a project, from concept, schematic design, and design development to final construction documents. Cost estimation in construction project management is a multi-faceted activity. On the one hand, the process quantifies a project’s construction costs; on the other, it assigns a dollar value to risks, i.e. the exposure to possible things that can go wrong, unanticipated conditions or requirements, change orders, and actual losses.