Definition, Meaning & Synonyms

revise-an-estimate

Phrase

rɪˈvaɪz ən ˈɛstəˌmeɪt

Definition

To review and adjust an existing estimation or assessment to improve its accuracy.

Examples

The project manager decided to revise an estimate after realizing some costs were not accounted for.
Before submitting the proposal, it’s wise to revise an estimate for any changes in material prices.
It’s essential to revise an estimate when new data becomes available to ensure it remains relevant.

Meaning

The term refers to the process of carefully going through an estimate to identify any inaccuracies or areas that need updating, thereby refining the assessment based on new information or insights.