Estimating Methods. There are four primary methods used to estimate construction costs. Those methods are known as Project Comparison Estimating or Parametric Cost Estimating, Area & Volume Estimating, Assembly & System Estimating, and Unit Price & Schedule Estimating.
What are the 4 levels of estimating?
Cost estimate classifications
|Concept study or feasibility
|Budget, authorization, or control
|Control or bid/tender
|Check estimate or bid/tender
What are the three types of construction cost estimates?
The three types of cost estimates are design, bid, and control estimates. Design estimates are prepared in the project preliminaries which gives the order of magnitude of the project cost. Bid estimates are used in the tendering phase of the project which details project overheads and other indirect costs.
What is the formula for construction estimate?
The basic formula to calculate construction cost per square feet is: Cost of construction = area of plot x construction rate per sq ft.
What is the most popular estimating method?
1. Top-Down Estimate. Top-down estimates are an estimation technique that starts with an overall time for the project and then breaks that down into phases, which are then broken down further into tasks. This is a classic estimation technique that uses a look such as the work breakdown structure (WBS).
What are cost models in construction?
The model serves to compile the costs, direct and indirect, necessary to project completion and according to the adopted planning in order to set up the budget necessary enough to project completion.