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What are Estimates and its types?

by Team Goseeko

Estimates is defined as the process of calculating the probable quantities and costs of various items required in connection with work. Estimate is prepared by calculating the quantities from the dimension on the drawings for various items required to complete the project and multiplied by the unit cost of items concerned.

Purpose of Estimates:

  1. To know the amount of money required to complete the proposed work.
  2. Estimates know the quantities of materials required in order to program their timely procurement.
  3. This assess the requirement tools, plants and equipment required to complete the work according to the program.
  4. To draw up the construction, schedule and program and also to arrange funds required according to the programming.
  5. To fix up the completion period from the volume of works involved in the estimate.
  6. For inviting tender and prepared bills for payment.
  7. To justify the investment from the benefit cost ratio.

Types of Estimates:

  • Approximate estimate 
  1. Preliminary approximate estimate
  2. Plinth area estimate
  3. Cubic contents method
  4. Approximate quantity method
  • Detailed estimate
  1. Item rate estimate
  2. Revised estimate
  3. Supplementary estimate
  4. Annual repairs 
  • Approximate estimate:

It gives the approximate cost of work and is prepared the basis of cost of similar works carried out in past

  • Detailed estimate:

It is prepared after its complete set of drawings are ready

This is the accurate method of estimating.

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