305Chap13Estimating - Estimating Process 180:305 Estimate...

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Estimating Process 180:305
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Estimate Cost “flight plan” Estimating is the process of looking into the future and trying to predict project cost and resource requirements Unrealistic bidding practices primary cause of contractor failure
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Levels of Estimate Conceptual Preliminary 40% Design completion Engineer’s Estimate ±3% Bid Estimate
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Figure 13.2 (p. 207) Estimate types. (Source: F.S. Merritt, ed., Building Construction Handbook, 3/E New York: McGraw-Hill, 1975)
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R.S. Means Data for Conceptual Estimates
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Detailed Estimate Preparation Break the project into cost centers Quantity takeoff Price out quantities Multiply the required quantity by the unit price “Running the extensions”
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Cost Centers Estimating Accounts Line items Cost accounts Work packages
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Figure 13.3 (p. 209) Typical estimate summary.
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Contingency Extra money added to the bid to handle unknown situations
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Work Package Subdivision of project used both for cost control and scheduling Work Breakdown Structure Chart of cost accounts
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305Chap13Estimating - Estimating Process 180:305 Estimate...

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