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What (who) is UNDERESTIMATE - definition

UNEXPECTED INCURRED COSTS IN EXCESS OF BUDGETED AMOUNTS

Underestimate; Cost Overrun; Cost overun; Cost increase; Budget increase; Budget escalation; Cost overruns; Budget overrun; Over budget; Escalating costs; Escalating cost; Cost risk; Cost underestimation; Low balling; Cost increases; Underestimated; Cost under-estimation; Cost underestimations; Cost under-estimations

underestimate

v. a.

Undervalue, underrate, misprize, rate below the true value, rate too low.

Underestimate

·vt To set to/ low a value on; to estimate below the truth.

II. Underestimate ·noun The act of underestimating; too low an Estimate.

underestimate

(underestimates, underestimating, underestimated)

1.

If you underestimate something, you do not realize how large or great it is or will be.

None of us should ever underestimate the degree of difficulty women face in career advancement...

Never underestimate what you can learn from a group of like-minded people.

VERB: V n, V wh

• underestimation

...a serious underestimation of harm to the environment.

N-UNCOUNT: also a N

2.

If you underestimate someone, you do not realize what they are capable of doing.

The first lesson I learnt as a soldier was never to underestimate the enemy.

VERB: V n

Wikipedia

Cost overrun

A cost overrun, also known as a cost increase or budget overrun, involves unexpected incurred costs. When these costs are in excess of budgeted amounts due to a value engineering underestimation of the actual cost during budgeting, they are known by these terms.

Cost overruns are common in infrastructure, building, and technology projects. For IT projects, a 2004 industry study by the Standish Group found an average cost overrun of 43 percent; 71 percent of projects came in over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone.

Many major construction projects have incurred cost overruns; cost estimates used to decide whether important transportation infrastructure should be built can mislead grossly and systematically.

Cost overrun is distinguished from cost escalation, which is an anticipated growth in a budgeted cost due to factors such as inflation.

https://en.wikipedia.org/wiki/Cost overrun

Examples of use of UNDERESTIMATE

1. Underestimate However the report warned that the figures could underestimate the scale of the problem.

2. One should never underestimate people‘s capacity for wilful misunderstanding; and, equally, one should never underestimate the power of words.

3. "They underestimate women," her husband interjected.

4. I do not underestimate the difficulties involved.

5. Don‘t underestimate Bambi – looks can be deceiving.