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Dictionary Meaning and Definition on 'Underestimate'

Underestimate Meaning and Definition from WordNet (r) 2.0
    underestimate n : an estimation that is too low; an estimate that is less than the true or actual value [syn: underestimation, underrating, underreckoning] v
  1. assign too low a value to; "Don't underestimate the value of this heirlooom-you may sell it at a good price" [syn: undervalue] [ant: overvalue, overvalue]
  2. make a deliberately low estimate; "The construction company wanted the contract badly and lowballed" [syn: lowball]
  3. make too low an estimate of; "he underestimated the work that went into the renovation"; "Don't underestimate the danger of such a raft trip on this river" [syn: underrate] [ant: overestimate]
Underestimate Meaning and Definition from Webster's Revised Unabridged Dictionary (1913)
    Underestimate \Un`der*es"ti*mate\, v. t. To set to? low a value on; to estimate below the truth.
Underestimate Meaning and Definition from Webster's Revised Unabridged Dictionary (1913)
    Underestimate \Un`der*es"ti*mate\, n. The act of underestimating; too low an estimate.
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Wikipedia Meaning and Definition on 'Underestimate'

A Cost overrun, also known as a cost increase or budget overrun, is an unexpected cost incurred in excess of a budgeted amount due to an under-estimation of the actual cost during budgeting. Cost overrun should be distinguished from cost escalation, which is used to express an anticipated growth in a budgeted cost due to factors such as inflation.

Cost overrun is common in infrastructure, building, and technology projects. A comprehensive study of cost overrun published in the Journal of the American Planning Association in 2002 found that 9 out of ten construction projects had underestimated costs. Overruns of 50 to one hundred percent were common.

Many major construction projects have incurred cost overruns. The Suez Canal cost 20 times as much as the earliest estimates; even the cost estimate produced the year before construction began underestimated the project's actual costs by a factor of three.

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'Underestimate' in famous quotation sentence

* You can never underestimate the stupidity of the general public. - Scott Adams

* Nothing of importance is ever achieved without discipline. I feel myself sometimes not wholly in sympathy with some modern educational theorists, because I think that they underestimate the part that discipline plays. But the discipline you have in your life should be one determined by your own desires and your own needs, not put upon you by society or authority. - Bertrand Russell

* A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools. - Douglas Noel Adams

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