For the construction of your dream home, the first thing you want to do is check how much money you have in your bank account?.After that, you need to to have a plan and prepare different types of estimation for cost of construction upon your civil works with the help of a project estimator.
During this process, the two factors you have to take care is the number of materials and costs of these items.The method of estimating unit cost of an item is called “Rate analysis” and the method of obtaining the required quantities of these materials are called “estimation”.
In this blog, we are going to learn about types of estimation of and Cost estimation methods.The construction cost estimation can be done with the help of a project estimator.For a construction process, there are different estimation process is involved different stages of construction.
What are the Requirements of Estimation and Costing?
- The cost estimation method gives an idea about the cost of the civil works.
- Gives an idea about the amount of time required for the finishing of the project
- In order to invite tenders for the project, a preliminary estimate should be needed.
- It also helps to control the expenditure during the execution of works.
- Using estimate we can check whether the proposed plan matches the fund available.
Types of estimation used in cost estimation method.
1.Preliminary or Approximate Estimation.
The preliminary estimation processes in civil works give a general idea about the money required.This estimation process is carried out with collecting estimates data from similar nearby sites.
For example, if you want to construct a private road to your home.You need to ask opinions and collect estimate data from nearby house having roads which are similar to your ideas.
Detailed estimate involves several sub-heads and the required amount of various items.Detailed estimate prepares only after the rough estimates are approved.You can prepare these estimates with the help of a project estimator.
In this estimate cost of each material, specifications and their quantity are attached to the estimate reports.
The revised estimate is only prepared when the detailed estimate exceeds the construction cost by 5 percent.In revised estimate, the project estimator should provide the reason for the increase in the construction cost.
After the detailed estimate, if you want some extra work need to do for your plan.You need to prepare a supplementary estimate for your extra work.These estimates are added to the detailed estimate.
Hoping, you can understand the above article about construction estimation and types of estimation.I would like to see you in our future posts also.Hence please like our facebook page and subscribe our email letter of this website.