Estimate
An approximation of the cost and resources needed to complete a construction project or part of it.
Estimates are predictions of project costs based on current data and assumptions, critical for budgeting, decision-making, and securing funding, requiring regular updates and adjustments as the project progresses.
Used in a sentence
The initial estimate provides a projected cost for the project, helping guide budgeting and financial planning.
Synonyms/variation
Cost Estimate
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Estimate vs. Budget: Tools to Guide Construction Financial Planning
Whether building a residential home, a commercial complex or a large-scale infrastructure development, understanding and managing costs is key to completing a project on time and within financial limits. Effective financial planning allows project managers to handle unexpected challenges and maintain client trust. Two primary tools in financial planning for construction are the estimate and […]
Key Types of Estimates in Construction
The challenge of determining the cost of building a construction project can seem like an impossible task. Considering the unique nature of each project and the fact that material and labor prices change constantly, it’s virtually impossible to calculate future rework or delay costs. It’s as if estimators have some kind of psychic ability just […]
Construction Estimating Methods: Techniques for Predicting Costs with Confidence
While construction is an industry that relies on technical prowess and accuracy, it also regularly uses guesswork. Both general contractors and specialty contractors have to estimate how much a project will require of them to accurately bill the appropriate party. At the end of the day, construction projects rely on guesses — but fortunately, these […]
Heavy Civil Construction Estimating: Strategies and Challenges
Accurately estimating the costs of heavy civil construction projects requires a comprehensive understanding of the unique challenges and complexities involved. From vast project scopes to intricate regulatory requirements, heavy civil construction estimating differs significantly from non-heavy civil projects. This article aims to illuminate these differences, offering detailed insights into the essential aspects of heavy civil […]
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