Restimate

To formulate a new or revised estimate, often based on updated information, changing conditions, or a review of previous calculations. Restimating involves analyzing existing projections and adjusting them to reflect a more accurate or current understanding of the situation. This process is common in project management, financial planning, and various fields where predictions or valuations are essential. It acknowledges the dynamic nature of circumstances and the need for flexibility in forecasting. The primary goal is to maintain a realistic and useful assessment by constantly refining the initial or past estimates to improve their reliability and reduce variance.

Restimate meaning with examples

• After receiving revised material costs, the project manager decided to restimate the total budget. This restimation process allowed the team to prepare for potential funding issues.
• The financial analyst had to restimate the company's projected earnings for the next quarter due to unexpectedly low sales figures. This impacted investor relations greatly.
• When the construction timeline was delayed by bad weather, the building contractor was forced to restimate the completion date and the overall project costs, communicating these new figures to the client.
• During the budgeting cycle, departments must restimate their expenses based on the actual spending of previous fiscal year. Accurate restimates are integral to planning for the next year's needs.