Setup Business in UAE Blog

Stupid question, but what's the difference between an Estimate and a Quote?

When do you use one over the other?

| 👁 1301 | Posted November 24, 2018 | Share on Facebook | Twitter | Google+

| Modified: November 24, 2018 | Author:


nbass668 1 year ago

Where I am and the industry I work at. We ask for an estimate when we are looking at new technologies for our business and we not sure if this technology cost is at the 1 million dollar ballpark or 100000 dollar ballpark. Before they waste time into extensive meetings and proof of concepts the estimate makes it easy for us to decide if that this project is too expensive and it won't fit our budget anyway. The qoute is as explained by fellow redditors

94redstealth 1 year ago

Typically, an estimate is a ballpark number with not guarantee. A quote is an exact amount that will be honored for X number of days.

[deleted] 1 year ago

I can estimate that a job will take $5,000, but if you give me the job I would be able to give you a quote detailing exactly how much it should take say $6,543.79

shittyCEO 1 year ago

Estimate is basically an informal quote. I'm estimating I can do it for around $1000. With a quote you are saying I will do it for $1100 and that's the price. They can basically be used interchangeably. If im onsite and someone asks for an estimate I will ballpark the number. If they ask for it in an e-mail I just send a quote anyways, waste of time otherwise.

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