Quick Answer: What Is Meant By Approximate Estimate?

What is the definition of an estimate?

1a : a rough or approximate calculation.

b : a numerical value obtained from a statistical sample and assigned to a population parameter.

2 : a statement of the cost of work to be done.

3 : an opinion or judgment of the nature, character, or quality of a person or thing had a high estimate of his abilities..

What are approximate quantities?

An approximate bill of quantities (sometimes referred to as a notional bill of quantities or provisional bill of quantities) can be used on projects where it is not possible to prepare a firm bill of quantities at the time of tendering.

What is the difference between cost estimate and bill of quantities?

Main differences between a Bill of Quantities and a Cost Estimate. … the bill of quantities, determines the quantities of the various work sections involved in a project; the cost estimate, is the economic value of such quantities and the estimated total cost of works.

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 are two ways to estimate?

There are different methods for estimation that are useful for different types of problems. The three most useful methods are the rounding, front-end and clustering methods.

What are the two types of estimation?

There are two types of estimates: point and interval.

What are the different types of approximate estimate?

Thus the various types of estimates prepared according to their requirements may be classified as follows:Preliminary or Approximate or Rough Cost Estimate.Plinth Area Estimate.Cubic Contents Method.Approximate Quantity Method.Detailed Estimate (or Item Rate Estimate)Revised Estimate.Supplementary Estimate.More items…•

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 is the purpose of a Bill of Quantities?

The main function of a BOQ is to define the work that is required to complete a construction project. The Bill of Quantities lays out the descriptions of the work, and also the quantities required to complete that work. What are the benefits of the Bill of Quantities?

Which is the most reliable estimate?

Detailed estimateExplanation: The most reliable estimate is the Detailed estimate. Estimate means a rough calculation of the expenses that is likely to be incurred to undertake various items of work.

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 is detailed cost estimate?

A detailed cost estimate is defined in the 13th edition of the Architect’s Handbook of Professional Practice as “a forecast of construction cost prepared on the basis of a detailed analysis of materials and labor for all items of work.” It is different from a preliminary estimate of construction cost, which is usually …

What is the purpose of approximate estimate?

The primary function of approximate or preli- minary estimating is to produce a forecast of the probable cost of a future project, before the building has been designed in detail and contract particulars prepared.

What is the quick method of approximate estimate?

To work out the total units involved in the structure based either on physical parameter e.g. square metres of plinth area, cubic metres of volume of building, length of road or service futility rendered by the project e.g. area irrigated in hectares, number of students in a school or college; number of beds in a …

What are the purposes of estimate?

The estimate allows the contractor to enter into a contractual agreement with confidence. Before signing a contract to build a project, you should have confidence the estimate is accurate in material and labor costs. There are both direct and indirect labor and material costs.