An estimate of the cost of a construction job is the probable cost of that job as computed from plans and specifications.
For a good estimate the, actual cost of the proposed work after completion should not differ by more then 5 to 10 % from its approximate cost estimate, provided there are no unusual, unforeseen circumstances.
What is ESTIMATION?
Estimation is the scientific way of working out the approximate cost of an engineering project before execution of the work.
It is totally different from calculation of the exact cost after completion of the project.
Estimation requires a thorough Knowledge of the construction procedures and cost of materials & labour in addition to the skill , experience, foresight and good judgment.
NEED FOR ESTIMATE
1. It help to work out the approximate cost of the project in order to decide its feasibility with respect to the cost and to ensure the financial resources, if the proposal is approved.
Requirement of Material
2. Requirements of controlled materials, such as cement and steel can be estimated for making applications to the controlling authorities.
3. It is used for framing the tenders for the works and to check contractor’s work during and after its execution for the purpose of making payments to the contractor.
Planning and Scheduling
4. From quantities of different items of work calculated in detailed estimation, resources are allocated to different activities of the project and ultimately their durations and whole planning and scheduling of the project is carried out.
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What is Engineers Estimate, What is Estimation? Civil Engineering