Construction cost estimation is the conjecture of the price of a program, project, or operation. The budget is the product of the estimating and costing process. Also, the cost estimate has a single total value and may have identifiable element values.
The cost estimation is the tool to decide. In case of commercial projects, you can check the net income earned justifies the money spent or not.
Primarily, the practical experience and cost of comparable works help in preparing approximate cost estimation. Further, a report accompanies the construction cost estimation by correctly describing requirement and efficiency of the project, with a site plan or layout.
Techniques of Estimated Construction Cost Estimation Preparation
Most noteworthy, the following are the processes in use for the preparation of approximate construction cost estimation:
- Plinth area method
- Cubical contents method
- Unit base method
Plinth area method:
The definition of the construction’s value is multiplying plinth area with plinth area rate. So, the area we get by multiplying length and breadth (outer dimensions of a building) is the value.
In determining the plinth area rate, accurate observation and necessary inquiries are done concerning quality and quantity perspective of materials and labor, type of foundation, the height of a building, roof, woodwork, fixtures, number of storeys, etc.
Cubical Contents Method:
Multi-storeyed buildings usually use this technique. The estimation of construction cost is almost as the entire cubical contents (Volume of buildings) multiplied by Local Cubic Rate. We obtain the volume of the building by multiplying length x breadth x depth or height.
Unit Base Method:
According to this method, the cost of the structure is defined by multiplying the total number of units with a unit rate of each item. Therefore, the unit rate estimated by dividing the actual expense incurred or cost of related building in the nearby region by the number of units.
Hence, cost estimation is the technique of calculating or computing the various quantities and the expected expenditure to be incurred on a particular work or project.
Need for estimation and costing
- Cost estimation gives an idea of the work, and hence it’s feasible and can determine, whether the funds available are sufficient to practice a project or not.
- Cost estimation gives a sense of the time required for the completion of the work.
- Estimation and costing needed to control the expenses during the execution of the work.
Course design
Every building has its price whereas accurate forecasting of the cost of future projects is an essential skill for civil engineers and cost estimators. Therefore, this course focuses on approaches to cost estimation and schedules for any project.
The course is specially designed for
- Business owners
- Estimators
- Builders
- Civil Engineers
- Architectural Students
- Construction Professionals
- Project Managers
- Project Coordinators
- Site and Work Managers
Opportunities
There is a vast opportunity in future. Therefore NIBT is imparting the course and the knowledge to you and helping you to make a potential career.
Afterwards, you could find yourself as an Expert Construction Estimator, Expert Cost Estimator or Project Manager.
The Benefits and the Advantages of Estimation and Costing are
Estimation and costing and valuation are a vital part of civil engineering. Estimation and costing help us to estimate the entire cost of construction, and after that, the engineer receives a certain percentage of the project cost.
- Cost Estimation helps us in evaluating the number of materials, labor needed for work.
- Cost Estimation Tells us the approximate amount of materials, labor required. Estimation and costing give us the estimated overall cost of the building.
- Estimation and costing also give us details of materials, reinforcements, etc., which helps in the smooth procurement of materials.
- It gives an approximate timeline of which work is necessary and urgent.
- Estimation and costing or Valuation helps in understanding market rates and estimating the market value of a particular property.
Conclusion
Adopting an approach, as per the principles of financial management is a must. Where assets get the design as per the reliability in estimation and costing, it proves beneficial in future.
Hence, using estimation and costing methods of whole life cycle costing, ensuring accuracy in assessment of quantities, efficiency in the prediction of rates can make significant savings over the life of the assets and making a correct decision, should be adopted by all quality surveyors.
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