What is an estimate?
What is the role of estimating in the construction industry today?
As a construction managerment student, it is essential to learn the construction estimaing.
What is an estimate?
"An estiamte in its essence is an assessment of the probable total cost of some future activity."-cited from Fundamentals of construction Estimating, David Pratt.
Estimate is not just for construction, it could be and already be applied in all industries and government agencies.
In my opinion, the main purpose of estimate is to find out how much you will cost to do/build something or some activities.
What is the role of estimating in today's construction industry ?
Of course, very important!!!
There are two kinds of estimates that used lots in today's construction undustry.
1 conceptual estimate.
2 preliminary estimate.
Generally, the conceptual estimate needs less information and are not so accurae.
And the Preliminary estimate needs more information and need to revise again and again after you get more and more information about the project.
Construction companies need the estimate to prepare a price for the bid, then get the project.
Yes, very crucial, the estimate is closely relative to your income.
And this is what I learn for today.
Please leave comments if you have any opinions or questions about this. We could learn this together.
Thank you very much for your reading.
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