Types of Cost Estimates Used in Construction The accurate estimation cost of the project is essential to give the owner a reasonably accurate idea of the cost that will help him to decide whether he has enough finance for the work or need to arrange some more money. The primary purpose of the estimation by a construction estimator is to provide a reasonably accurate idea of the cost. A correct and accurate estimate is necessary for all the projects to make it cost-effective. Note that the calculated cost of work will be a close approximation of its actual cost. The sum cost of all the quantity of work by a construction cost estimator will give an idea about the total construction cost or estimated cost of project work. What is An Estimate?Īn estimate is a calculation done for the quantities of a different item of work along with their expenses that are involved in the project work. In the following blog, we will be discussing them and will also look at the meaning of estimate and its purpose. There are different types of cost estimates that are involved in project management. Thermal/ Moisture Protection Estimating 》.
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