Question

LIST THE 4 TYPES OF CONSTRUCTION ESTIMATES AND DISTINGUISH AMONG THEM.

Answer 1

4 types of estimates in construction are

1. Preliminary estimate.
2. Detailed estimate
3. Quantity estimate
4. Bid estimate

Preliminary estimate

This estimation is rough estimation developed at the beginning of the project. This estimate is not final, it is just an approximate estimation. At this stage, a project can be screened, based on the similar project that has been done in past. They give a rough information of overall cost of project.

Detailed estimate

This estimation is the conversion of preliminary estimate to more detailed one. In this estimation more detailed information of cost, quantities, rate and workmanship are done. This helps the contractor in estimating the budget of the project and helps to determine how the cash flow to be and how much financing necessary etc. Main items included in this estimation is - rate calculation of each quantity, specifications, drawings of each plot area.

Quantity estimate

This includes all estimation of all necessary quantities of each entity required for the completion of project. This helps the client about the complete materials that are necessary in completing the project. This is one of the important step in quantity estimation.

Bid estimate

This is the estimate given to client by contractor. This includes all the necessary items required by contractor in winning this project. This should impress the clients. This is done by different companies and impress the clients. It is actually a proposal submission by the companies from their side.