The correct answer is: B. Definitive estimate
A definitive estimate is the most accurate and reliable estimate possible. It is based on a detailed quantity survey, which is a process of measuring and estimating the quantities of materials and labor required for a project. The definitive estimate is used to set the budget for a project and to track progress and costs during construction.
A conceptual estimate is a rough estimate of the cost of a project. It is based on preliminary information about the project, such as the size and scope of the project. The conceptual estimate is used to determine whether a project is feasible and to develop a more detailed estimate.
A probabilistic estimate is an estimate of the range of possible costs for a project. It is based on a probability distribution that takes into account the uncertainty of the project’s costs. The probabilistic estimate is used to assess the risk of a project and to develop contingency plans.
None of these is the correct answer.