Rank the four different types of cost estimates from most to least accurate and explain what the inputs are to each type

What will be an ideal response?

The cost estimates as ranked from most accurate to least accurate are definitive estimates, feasibility estimates, comparative estimates, and ballpark, or order of magnitude estimates. Definitive estimates are expected to have an accuracy of plus or minus 5% and can be completed only after the completion of most design work, at a point when the scope and capabilities of the project are quite well understood. Feasibility estimates are within plus or minus 10% and are made after completion of the preliminary design work following initial scope development upon receiving quotes from suppliers and subcontractors. Comparative estimates approach plus or minus 15% accuracy and are based on the assumption that historical data can be used as a frame of reference for current estimates on similar projects. Ballpark estimates are created when information or time (or both) are scarce and are targeted at plus or minus 30%.