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Construction cost estimating is the process of forecasting the cost of building a physical structure. Of course, builders and clients both worry about the financial impact of cost overruns and failing to complete a project.
Construction estimating is the process of calculating all of the required costs for a construction project, including direct costs (e.g. materials and worker wages) and indirect costs (e.g. equipment depreciation and office worker salaries).
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Estimating construction costs is a method of budgeting a project, determining its feasibility and calculating a bid or budget. Construction estimates provide guidelines for further project planning, resource management, scheduling and incidental changes.
Construction cost estimating is the process of anticipating the cost of a construction project. This involves calculating the total cost required to complete a construction project within a defined project scope. A project’s success is in direct correlation to the thoroughness of its estimate.
Construction estimating is the process of assessing all the costs of a construction project during the preconstruction phase. These costs include direct costs, indirect costs, overhead costs and a profit margin for the general contractor.
Cost estimating is the practice of forecasting the cost of completing a project with a defined scope. It is the primary element of project cost management, a knowledge area that involves planning, monitoring, and controlling a project’s monetary costs. (Project cost management has been practiced since the 1950s.)
Construction cost estimating systematically forecasts all costs associated with completing a project within a defined scope. In other words, any cost incurred to see a project through must fall under this heading. The cost estimate serves as a roadmap for a project to be bid on and built.
What is construction cost estimating? Construction cost estimating is a foundational principle in forecasting the cost of construction of a structure. Project owners also use construction cost estimation to determine a project’s feasibility, scope, and the necessary budget allocations.