What type of estimate is a conceptual estimate considered?

A conceptual estimate is primarily considered a single rate estimate because it provides a rough approximation of costs based on limited information and generally uses broad cost assumptions or average rates for similar projects. This type of estimate is usually utilized in the early stages of project planning, where the specifics of the project may not yet be defined, and it focuses on understanding the overall budget rather than the detailed breakdown of each component.

A single rate estimate simplifies the costing process by applying a uniform cost per unit, thus allowing for a quicker assessment of financial feasibility. In contrast, fully itemized or detailed estimates require a comprehensive analysis of all individual components, which is not feasible during the conceptual stage when details are still uncertain. Multi-rate estimates, while they use multiple rates for different aspects of the project, still assess only a reduced level of detail compared to a detailed estimate, making them less suited for the broad strokes of a conceptual phase.