Definition Of Estimating And Costing

What does estimation and Costing mean?

Estimate is the method used to measure or quantify the different quantities and the expected Expenditure to be incurred on a particular work or project.

Yes we know that the estimation is long procedure, and its totally depends upon the projects,

In the event that the funds available are less than the estimated cost of the work being done in part or by reducing it or by amending the specifications, the following requirement is necessary for the preparation of the estimate.

1. Drawings like: plan, elevation and sections of important points.
2. Detailed specifications about workmanship & properties of materials etc.
3. Standard schedule of rates of the current year.

Purpose of Estimating and Costing

1. Estimates provide an rough idea of the cost of the job and therefore its feasibility can be calculated, i.e. whether or not the project would be included in the funds available.
2. Estimate gives an idea of the time needed to complete the work.
3. Estimates are required to invite tenders and quotations and to arrange the contracts.
4. Estimates are also required to control expenditure during the execution of the work.
5. Estimates decide whether or not proposed plan matches the funds available.

Estimation Methods

Estimate involves the following operations

• Preparing detailed Estimate.
• Calculating the rate of each unit of work.
• Preparing abstract of estimate.

What is the data required for the Preparation of an Estimate?

1. Detailed Drawing / Detailed Qty {Drawings i.e.plans, elevations, sections etc.}
2. Detailed specifications
3. Special conditions, if any, for materials or other
4. Location (Site Natural Condition of The Project)

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