Detailed estimates are typically prepared towards the end of the design phase, as they require precise
A detailed estimate which is prepared by the project team will be used to determine the fair cost for the
Procurement Phase Estimate
In this stage, an estimate would be prepared by all the contractors who are bidding for the construction
of the project, as well as the project team.
The contractors prepare the estimate to identify a price to bid.
The owner tea
Possible Sources of Errors in Estimates
1. Mistakes in material take-offs.
2. Errors in carrying forward material from quantity sheets to summary sheets and from there to direct
3. Mistakes in estimating the labor time required for certain it
After selecting the appropriate project type and quality value, the next step is to multiply the cost times
the appropriate number of units.
EX -Let us take the example of a 50-unit motel; assume a high quality (3/4) price, 1995 data:
Square foot Estimate Data
Advantages of the Assemblies Cost Data Book:
1. The reported costs are derived from actual projects that have been built around the country.
2. The costs have been localized to the national average.
3. These are true costs reflec
Other Market Conditions
In a market without much work, contractors may bid for a project with little profit to keep their staff
On complex projects, contractors may bid the work low in the hopes of making additional profit on
future change order
Equipment costs are the last element needed before assembling the estimate.
These costs are of two general types:
The cost of the equipment itself: including the cost of ownership, lease, or rental.
The cost of operating it: including the
With the quantity takeoff complete, the estimator has determined all the typical components that go
into the project and how many of each type are necessary.
The next task for the estimating team is to determine how much each unit will cost t
Quantity Takeoff- Measuring Quantities
The goal of the quantity takeoff process is to calculate every item of the project no more and no less.
To effectively accomplish this, the take off must utilize the correct units.
When quantifying the project, it is
INTRODUCTION TO COST ESTIMATING
What is an Estimate?
hat is the Purpose of Estimating.
hat is the Role of the Estimator.
hat the Estimator Must Know?
he Components of an Estimate.
ossible Sources of Errors in Cost Estimates.