Re-estimate
To re-estimate means to revise a previous assessment or calculation, typically concerning a cost, value, size, or probability. This action involves reconsidering and often adjusting an initial projection, taking into account new information, changed circumstances, or updated data. Re-estimation is a common practice in fields like project management, finance, and construction, where unforeseen events or shifting market conditions necessitate reassessing original plans and forecasts to ensure accuracy and feasibility. It often involves revisiting assumptions and methodologies to produce a more reliable and current appraisal.
Re-estimate meaning with examples
- The project manager decided to re-estimate the budget after receiving new quotes from subcontractors. The initial estimates hadn't accounted for recent price increases in raw materials, requiring a substantial upward adjustment to the overall financial plan, affecting project timelines and resource allocation, ultimately leading to a revised final plan.
- Following the discovery of significant geological anomalies, the oil company was forced to re-estimate the recoverable reserves of the field. The initial estimates, based on preliminary surveys, proved to be overly optimistic, prompting a complete reassessment of drilling strategies and potential production yields, shaping long-term investments.
- Due to unforeseen delays and increased labor costs, the construction firm had to re-estimate the completion date and overall project expenses. They carefully re-evaluated the remaining tasks, factored in the accrued expenses, and adjusted the timeline to create a new plan, hoping to meet the deadlines.
- After conducting a customer survey, the marketing team chose to re-estimate the potential market size for the new product launch. The original market analysis did not capture the current market needs and demand. Based on the customer survey, a more realistic sales projection could be created, so that marketing campaigns can be more focused.
