For Engineer to Order customers, Project Quotes (P31P100) are created and used to communicate with a customer the planned or estimated amounts based on materials or engineering related tasks defined in the Project Workbench (P31P001). They may be high-level estimates or more detailed cost breakdowns, allowing for customer reaction and modifications prior to approval to start the project.
Project quotes may be modified, and are tracked with revision control. Creation, review, and acceptance phases move the project quote through various statuses from beginning (PENDING) to end (COMPLETED). Additionally, project quotes can be integrated with sales order quotes. A word of caution as there are guidelines that need to be followed for a successful quote generation process.
For additional information, see P31P100 How to Create a Project Quote and a Project Sales Quote (Doc ID 886572.1), it covers quote creation, quote process flow, and integration with sales quotes.