What is an opinion of probable cost in project management?

An opinion of probable cost in project management refers to an early non-authoritative construction cost estimate. It serves as a preliminary financial assessment that helps stakeholders understand potential costs before the project reaches advanced stages. This type of estimate is typically based on limited information and is used to inform decisions, guide project feasibility, and provide a rough projection of future expenses.

The key aspect of this estimate is its early-stage nature, which distinguishes it from more formalized cost estimates that come later in the project lifecycle, such as detailed estimates that reflect actual quantities and prices. By being non-authoritative, it allows flexibility in planning and adjustments as the project evolves and more accurate data becomes available.