The AdWords Bid Simulator tool now offers conversion estimates in addition to impressions and clicks to show how bid changes may affect conversion volume and values.
For each bid option shown in the simulator, the bid simulator provides the number of conversions — both 1-per click and many-per-click — and conversion values if assigned or set. Conversion estimates show how many clicks might result in a conversion within one day, and the estimates are based on “a recent 7 day period”. (Notice Google here does not say the most recent 7 days.) Because the bid simulator is based on a seven day window, conversions that occur outside that period but still within the 30 day conversion window aren’t reflected in the estimates.
Google says the more conversion history and conversion volume in your account, the more accurate the estimates will be, which makes sense. I’m waiting to hear more about whether there are minimum conversion requirements and will update here when I learn more. You’ll want to have conversion tracking set up and stable for at least two weeks before using the bid simulator conversion estimates for volume or values.
The bid simulator is available at the ad group and keyword levels.