Estimating Process Essay Example | Topics and Well Written Essays - 750 words

Estimating Process - Essay Example No matter whichever technique is used the estimator is supposed to cover all the aspects of construction project which includes the direct costs i.e. labor, equipment, material, subcontracts and the indirect costs i.e. insurance, permits, taxes , site office expenditure, head office expenditure etc. An estimate actually is the calculation of quantities of materials, work and their costs which will occur during the course of completion of the project. Moreover a good estimate should also incorporate some of the costs which are not evident during the estimation phase but are likely to occur during the execution of the project. Such a predictive expertise requires a lot of experience in the field of estimation. The total of this predicted expenditure in each category is the total estimate of the project. The estimated cost of a work is a close approximation of its actual cost. The agreement of the estimated cost with the actual cost of the project depends on two factors; the correct est imate of the project cost and following the correct procedures according to the designs and specifications during the execution of the project. For the correct estimation of the project, site investigation along with the detailed study of the project drawings and technical specifications is essential. The following are the various aspects of the estimating process: Estimating Using Handheld Devices Estimation process does not only depend on the design and specifications as certain aspects of the cost can only be calculated through thorough site investigation by visiting the site. During site investigation an estimator has to take and record certain on-field observations for which handheld estimation and recording devices are very useful. The data thus collected can easily be transferred to the desktop computers for carrying out extensive calculations. Types of Estimates Estimates in construction have been divided into various types according to the extent of details in the estimate. These types are: 1. Conceptual Estimate: It is prepared to realize the concept and idea of the owner which allows the owner/investor to have an idea about the required investment for the project and he sets a budget for the project. 2. Preliminary Estimate: These estimates are prepared at the very start of the project by the designer for the owner of the project to judge whether the architect’s/engineer’s design is in accordance with his budget or not. 3. Engineer’s Estimate: After the preliminary estimate which is based on the preliminary designs the design engineers and architects complete the detailed design of the project and the engineer’s estimate is based on these detailed designs and specifications. This helps the owner to set a criterion for the bids. 4. Bid Estimate: The bid estimate is also a detailed estimate which is prepared by the contractor and his bid is based on this estimate after adding a profit factor to it. Cost Centers Cost Centers are the various heads into which the project is divided to facilitate the estimating process i.e. foundations, columns, beams, slabs, partition walls etc. These are further subdivided into categories like excavation, formwork, masonry work etc. This approach helps organizing the estimation data as well as carrying out the estimate accurately. Estimating accounts and cost accounts are two types of cost centers which are the cost of these heads and subheads.