Which of the following best describes the benefit of a conceptual estimate?

A conceptual estimate is primarily beneficial because it allows for quick projections based on previous data and historical costs. This type of estimate is less about providing detailed calculations and more about giving a rough idea of potential costs and budgets early in the project planning phase. It uses analogous estimating techniques and can incorporate various factors from previous projects to generate a ballpark figure.

This rapid assessment helps stakeholders gauge the feasibility of a project and make informed decisions without the need for exhaustive research or precise data, which can take considerable time and resources. By leveraging past experiences and costs, conceptual estimates enable quick decision-making, making them particularly useful during the early stages of project development when time is of the essence.