What financial document is primarily used to estimate project costs accurately?

The correct answer is the cost estimate, which is specifically designed to provide a detailed projection of the anticipated costs associated with a construction project. This document plays a crucial role in project planning and budgeting, offering a breakdown of various cost components such as materials, labor, equipment, and overhead. By outlining these expenses, contractors can make informed decisions on how to allocate resources, set competitive bids, and ensure that the project remains financially viable.

In the context of project management, a cost estimate assists in identifying potential risks related to financial constraints and helps in avoiding cost overruns by ensuring that all expected expenditures are accounted for in advance. It serves as a baseline for comparing actual costs during the execution phase, allowing for improved financial control throughout the life of the project.