Economy, asked by kirtan1203, 1 month ago

Differentiate between Approximate estimate & Detailed estimate.

Answers

Answered by llpermissiontodancel

Answer:

"An approximate estimate gives the approximate cost of the work and is prepared on the basis of cost of the similar works carried out in the past. Such an estimate is required to obtain administrative approval in case of Government works. ... A detailed estimate is prepared after its complete set of drawings are ready."

Answered by brainlysme12

Explanation:

It is required to prepare an approximative estimate of the anticipated work before beginning a detailed estimate.
An approximate estimate is created using the costs of previous, similar work that was completed, and it provides an estimate of the cost of the task.
In the case of Government works, such an estimate is necessary to secure administrative permission.
A thorough estimate is developed when the government has administratively approved the job.
After the full set of drawings is finished, a thorough estimate is created.
These drawings are used to calculate the quantities of different items of work, which are then multiplied by the current rates of those items of work to determine the project's anticipated cost.