Cost and estimate l6 Y2 semester 2
CHAPTER ONE: DEFINITION OF ESTIMATE AND ITS DIFFERENT TYPES For all engineering work, it is required to know beforehand the probable cost of construction known as “Estimated cost”. If the estimated cost is greater than the money available, then attempts are made to reduce the cost by reducing the work or by changing the specifications. In preparing an estimate, the quantities of different items of work are calculated by simple measurement methods and from these quantities the cost is calculated. Cost estimation is the iterative process of developing an approximation of the monetary resources needed to complete project activities. Project teams should estimate costs for all resources that will be charged to the project. Project managers should be knowledgeable of and consider the various industry techniques and tools in the definition and execution of project cost estimation. Project underestimation of resources and costs is one of the most common contributors to ...
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