TYPE OF ESTIMATES

Detailed Estimates

A business can convert preliminary estimates into detailed estimates of the drawing design. According to the Civil Engineering Daily, “Detailed estimates include incredibly detailed information on quantities, costs and rates—in fact, all items necessary to complete the project. All the line items are added together to reach the final cost”.

Preliminary Estimates

The preliminary estimate is the first stage of the estimated graph presented to the clients as a sample example. So if the client wants to change something, they make some changes. According to the Civil Engineering Daily, “Preliminary estimates are called rough or approximate estimates. They are known as screening at the very first stage. Once the information is out, we can create a revised and detailed estimate.”

Bid Estimates

Carnegie Mellon University states, “A bid estimate is submitted to a potential client in hopes of winning a project. It’s based on the contractor’s prior estimations as well as their desire to win the project, i.e. to provide the best quotation to hopefully outbid other competitors.”
A bid estimate can be created based on the client’s plans or normal industry rates. If the contractor needs more precise figures, they must assess the project’s workforce, material, and equipment expenses.

Quantity Estimate

A quantity estimate contains all items required to build a project. It intends to provide the customer with a comprehensive list of all the quantities necessary for the project and the pricing of each quantity. It is an important estimate approach in construction

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