I need to discuss it with my team in order to prepare the estimation of the proposal.
Is this correct?
Estimation for, not of, the proposal.
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kumenglishI need to discuss it with my team in order to prepare the estimation of the proposal.
I need to discuss it with my team in order to prepare the cost estimates for the project as defined in the proposal.
kumenglishI need to discuss it with my team in order to prepare the estimation of the proposal.
Is this correct?
It is almost correct. That said, I think you tried to pack too many words in a sentence that sometimes become confusing. An estimate is a rundown of costs, not a proposal.
Suggestion: I will have to discuss the details