The text discusses the importance of accurately estimating project costs in order to create a reliable budget and ensure the success of a project. It mentions that a three-point estimate method is best for projects with a lot of uncertainty or variability. The text also offers tips for cost estimation and explains that costs include not only direct expenses but also business benefits, risks, and issues. Furthermore, the text notes that project costs are typically 4-8% of the total investment cost and should be carefully planned and managed during the construction phase.