Quick Answer: What Is Detailed Estimate?

Which is not required for preparing detailed estimate?

1.

Which of the following data is not required to prepare an estimate.

Explanation: For preparing an estimate, data such as drawings, detailed specifications, rates, etc.

is required.

The drawings needed to prepare the estimate include plans, sections, elevations, etc..

What is a rough estimate?

A Rough Cost Estimate is an initial estimate that uses prior experience and other non-project data to estimate the cost of a project. It is also called a Rough Order of Magnitude (ROM) estimate, or a Conceptual Estimate. … Usually it is not yet funded, and the primary parts of the project are not designed.

What estimate means?

verb (used with object), es·ti·mat·ed, es·ti·mat·ing. to form an approximate judgment or opinion regarding the worth, amount, size, weight, etc., of; calculate approximately: to estimate the cost of a college education. to form an opinion of; judge.

What is the purpose of preparing detailed estimate?

A detailed estimate is also required for the preparation of contract (agreement) document. The detailed estimates serve as a guide during the execution of the work. It helps in computing the quantities of materials required and labour to be employed for the completion of various items of construction.

How is detailed estimate calculated?

(v) Detailed Estimate (Or Item Rate Estimate): This is the accurate method of estimating in which the entire building work is subdivided into individual items of work. … The abstract of the estimated cost is prepared by multiplying the quantities of each of the above items by the rate of the completion of that item.

How do you prepare a detailed estimate?

In order to prepare a detailed estimate of the proposed work, the following information is required:(i) Complete Set of Detailed Drawings: … (ii) Specifications of Items of Works: … (iii) Prevalent Rates of Items of Construction: … (iv) Standard Mode of Measurement: … (v) Details of foundation strata likely to encounter.More items…•

What is detailed estimate in civil engineering?

An estimate is a calculation of the quantities of various items of work, and the expenses likely to be incurred there on. 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.

What are the types of estimate?

There are five types of estimates based on accuracy:Order of Magnitude. Also called Rough Order of Magnitude (ROM) or Rough Cost Estimate, or Conceptual Estimate, this type of estimate is used for project screening, or deciding which among several projects to proceed with. … Feasibility. … Preliminary. … Substantive. … Definitive.

What are the two types of estimation?

There are two types of estimates: point and interval. A point estimate is a value of a sample statistic that is used as a single estimate of a population parameter. … Interval estimates of population parameters are called confidence intervals.

What is estimate and types?

Types of Estimate – Types of estimates that prepared on various stages of a project. … Estimate is a rough calculation on quantities of various works & their expenditure, done by the experts of the relevant field before the execution of a project.

What are the three basic types of cost estimating?

Nonetheless, there are three types of cost estimation classified according to their scope and accuracy. These are (1) order of magnitude estimate; (2) budget estimate; and (3) definitive estimate.

What is purpose of estimate?

The purpose of an estimate has a different meaning to different people involved in the process. To the owner, it provides a reasonable, accurate idea of the costs. This will help him or her decide whether the work can be undertaken as proposed, needs to be modified, or should be abandoned.

Which data is required to prepare an estimate?

What is the data required for the Preparation of an Estimate?DETAILED DRAWING / DETAILED QTY.DETAILED SPECIFICATION.SPECIAL CONDITIONS IF ANY FOR MATERIALS OR OTHERS.LOCATION / SITE NATURAL CONDITION OF THE PROJECT.UNIT PRICE OF MATERIALS TO BE COLLECT FROM VARIOUS SUPPLIERS (CHECK SPECIAL CONDITION OF SUPPLIERS – TRANSPORTATION ETC)More items…•

Why do we estimate?

We estimate for these reasons: … An order-of-magnitude size means we want to invest just enough time in the estimate that we believe in the accuracy of it for planning purposes. We want to know when we will be done, because we are close. We need to allocate money or teams of people for some amount of time.