![]() The tolerance for variability or desired certainty we want in the estimate.The availability and nature of supporting information used to make a meaningful estimate (e.g Consider the difference if we only had the historical cost by sqft of properties sold in a particular city but without any other granularity vs if we had a more comprehensive database of actual values of transacted property sales grouped by property type).what sort of house did you mean exactly?- is this a construction of a brand new house or a renovation of an existing house etc) The level of definition of the question and the underlying assumptions.Unfortunately a single figure estimate ignores the fact that the ‘true answer’ will likely be within a range of figures that will depend on it is tempting to provide a single figure estimate as the answer. How many covid-19 infection cases do we expect within the next 6 months ?.How much will this holiday set me back ?.
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