Before undertaking the construction of a project it is necessary to know its probable cost which is worked out by estimating. An estimate is a computation or calculation of the quantities required and expenditure likely to be incurred in the construction of a work. The preliminary object of the estimate is to enable one to know beforehand, the cost of the work (buildings, structures, etc.,). The estimate is the probable cost of a work and is determined theoretically by mathematical calculations based on the plans and drawing and current rates. Approximate estimate may be prepared by various methods but accurate estimate is prepared by detailed estimate method.
Types of Estimate:
The following are the different types of estimate
- Preliminary estimate or Approximate or Abstract estimate or Rough cost estimate.
- Plinth area estimate.
- Cube rate estimate or Cubical content estimate.
- Approximate quantity method estimate.
- Detailed estimate or Item rate estimate.
- Revised estimate.
- Supplementary estimate.
- Supplementary and revised estimate.
- Annual repair or maintenance estimate.