How do time estimates for scheduling differ from time estimates for budgeting?

The nature of any estimates including those for budgeting
and scheduling depend on the purpose for which the estimates are used. The nature of
estimates may be determined in terms of variables
like:

Quantities estimated: This can be money, time,
material, manpower, sales or any other input resource, or output
generated.

Extent of Detail: For example the production
output may be estimated for each component to be manufactured or in terms of total value
of products to be manufactured.

Degree of accuracy: An
estimate of material required used for a preliminary feasibility report is not required
to be very accurate, as compared o the estimate used for actually placing purchase order
for procurement of some material.

It is not possible to
distinguish an estimate prepared for scheduling from that for budgeting by just looking
at the nature of the characteristics of the budget. An estimate with comparable
characteristics may be used for scheduling, budgeting, or any other purpose. However
assuming that scheduling is a shorter term and more detailed exercise as compared to
budgeting, the estimate for scheduling are likely to be more detailed and
accurate.