State the difference between detailed Estimation and abstract estimation
Answers
Answered by
0
Cost Estimating
Estimating is the most important of the practical aspects of construction management, and the subject deserves the closest attention of one aspiring to a career in the profession. It is a comparatively simple subject to understand; however, as it brings one up against practical work, methods and procedure, knowledge of it cannot be acquired without close application.
What is an estimate?
An estimate is a calculation of the quantities of various items of work, and the expenses likely to be incurred thereon. The total of these probable expenses to be incurred on the work is known as estimated cost of the work. The estimated cost of a work is a close approximation of its actual cost. The agreement of the estimated cost with the actual cost will depend on accurate use of estimating methods and correct visualization of the work, as it will be done. Importance of correct estimating is obvious. Under-estimating may result in the client getting an unpleasant shock when tenders are opened and drastically modifying or abandoning the work at that stage. Over-estimating may lose the engineer or estimator his client or his job, or in any case his confidence.
Estimating is the most important of the practical aspects of construction management, and the subject deserves the closest attention of one aspiring to a career in the profession. It is a comparatively simple subject to understand; however, as it brings one up against practical work, methods and procedure, knowledge of it cannot be acquired without close application.
What is an estimate?
An estimate is a calculation of the quantities of various items of work, and the expenses likely to be incurred thereon. The total of these probable expenses to be incurred on the work is known as estimated cost of the work. The estimated cost of a work is a close approximation of its actual cost. The agreement of the estimated cost with the actual cost will depend on accurate use of estimating methods and correct visualization of the work, as it will be done. Importance of correct estimating is obvious. Under-estimating may result in the client getting an unpleasant shock when tenders are opened and drastically modifying or abandoning the work at that stage. Over-estimating may lose the engineer or estimator his client or his job, or in any case his confidence.
Similar questions