Final answer:
Estimating predicts project requirements for Cost and Resources, using mathematical models and logical assumptions based on prior experience and physical reasoning. It is a key component of the engineering design process, helping to avoid unrealistic calculations and facilitating informed decision-making.
Step-by-step explanation:
Estimating is the process of predicting project requirements for Cost and Resources. It is a crucial step in project planning and management, often involving the creation of mathematical models to approximate the expenses associated with different solutions during the initial stages of design. Estimation allows for determining a ballpark figure for resources needed, such as materials, fabrication, operation, and maintenance, as well as the overall costs associated with developing a product or executing a project.
The term also refers to making order-of-magnitude approximations based on prior experience and sound physical reasoning—far from random guessing, it involves using logical assumptions to reach a rough estimate of quantity. Estimation is employed throughout various stages of product development and is instrumental for 'sanity checks' on calculations or proposals. Good estimates help prevent outlandish expectations by providing realistic numbers, thus facilitating better decision-making.
Through the process of estimation, designers and engineers continuously refine their understanding of the engineering design process, ensuring they make informed choices for the production and effectively manage both budget and resources.