1) Conceptual estimates provide a rough cost for a project based on unit costs from past similar projects, adjusted for factors like location, size, quality, and time. They can be completed quickly and have an accuracy of +/- 20%. 2) The example estimates the cost of a 50-unit motel using published cost data and makes adjustments for size, location, and time. The estimated cost is between $1.5-2.7 million depending on location. 3) It is important in conceptual estimates to be clear about what costs are and are not included in the estimate, and to identify key assumptions and limitations of the data used.