Indiana Contractor's Summary of an Estimate
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FAQ
A construction estimate summary is a document that provides a high level synopsis of a more detailed estimate. It typically breaks the work down categorically into divisions or work areas. The purpose of this summary is to give someone a snapshot into how the costs break down.
The three types of cost estimates are design, bid, and control estimates. Design estimates are prepared in the project preliminaries which gives the order of magnitude of the project cost.
In the project management profession, the following four techniques represent types of estimates based on where the data has been obtained.Expert Judgment. The best place to get project estimating data is from a technical subject matter expert.Analogous estimating.Parametric estimating.Three point estimating.25-Jan-2019
The three types of cost estimates are design, bid, and control estimates. Design estimates are prepared in the project preliminaries which gives the order of magnitude of the project cost.
In order to prepare a detailed estimate of the proposed work, the following information is required:(i) Complete Set of Detailed Drawings:(ii) Specifications of Items of Works:(iii) Prevalent Rates of Items of Construction:(iv) Standard Mode of Measurement:(v) Details of foundation strata likely to encounter.More items...?
Preliminary Estimate. Preliminary estimates are also called rough or approximate estimates, according to Civil Engineering Daily.Detailed Estimate. A business can convert a preliminary estimate to a detailed estimate.Quantity Estimate.Bid Estimate.28-Mar-2019
It isn't uncommon for contractors to give an "estimate" of how much they anticipate the work will cost. An estimate should be the contractor's best professional assessment, including the cost of hiring any subcontractors, the price of materials, and any other labor involved.
Class 3 estimates are typically prepared to support full project funding requests, and become the first of the project phase control estimates against which all actual costs and resources will be monitored for variations to the budget. They are used as the project budget until replaced by more detailed estimates.
Data required for preparation of estimate:(i) Complete Set of Detailed Drawings:(ii) Specifications of Items of Works:(iii) Prevalent Rates of Items of Construction:(iv) Standard Mode of Measurement:(v) Details of foundation strata likely to encounter.(vi) The exact location of the work site.More items...?
The detailed estimate should be accompanied with:Specification. Drawings (plans, elevation, sections) Design charts and calculations. Standard schedule of rates.
