This will be a presentation of the AACE Recommended Practice titled "Understanding Estimate Accuracy" (currently in development but expected to be completed before the conference). It is intended that the RP will serve as the paper. The presentation will walk through the identification of an estimate as a range of potential values, discuss the typical shape of the probability distribution associated with the estimate range, identify the concept of estimate contingency, and identify the elements required to convey information about estimate accuracy to stakeholders.