Definition Of Estimate, Purpose & Types Of Estimate – Quantity Estimation

Definition Of Estimate, Purpose & Types Of Estimate

Definition Of Estimate, Purpose & Types Of Estimate

Definition Of Estimate

¢An Estimate is defined as “the process of calculating the probable quantities and costs of the various item required in connection with work”

¢Estimate is prepared by calculating the quantities from the dimensions on the drawings for various items required to complete the project and multiplied by the unit cost of that item.

Purpose of estimate

¢To know the amount of money required to complete the work

¢To know quantities’ of materials required in to complete that work.

¢For inviting tenders and prepare bills for payments.

¢To justify the investment from “benefit-cost ratio”

¢To fix up the completion period from the volume of work involved in the estimate.

¢To assess the requirement tools, plants, and equipment to complete the work according to the program.

Types Of Estimate

vApproximate Estimate:-

Øit gives the approximate cost of the work and is prepared on the basis of the cost of similar work carried out in past.

vDetailed Estimate:-

ØIt is prepared after its complete set of drawings are ready.

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By:- Er. Ketan pattekar

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