Quantity Estimation & Costing With Rate Analysis
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- Created by Akshay Kamath
- Language: English
Description
Estimation is the process of calculating or evaluating a quantity by estimation, that is, without reference to specific measurements. Estimating is a fundamental process in civil engineering and other engineering disciplines.
This is usually done before purchase or construction begins or during preliminary planning stages. Estimating is usually more accurate, but there are a few limitations – namely that if your estimate relies on labor costs, you’ll need to know how many man-hours will take to complete the project.
Costing is the process of estimating the cost of a project before it’s completed. It can be done with an itemized list, or through estimation using a construction cost calculator.
Costing includes three steps: estimating, bidding, and finalizing. It helps predict how much money will be required to construct the project.
A “costing” typically refers to how much it will cost someone to produce a single unit of something – in this case, most likely construction work.
What is the purpose of estimating and costing
Estimating and costing are quite important in civil engineering. Estimating is the process or work of determining the cost of a project by taking into account such aspects as labor, material, equipment, etc. As one might expect, it would be very difficult to determine a project’s cost without estimating it first.
Estimation is done to determine the cost of a project, whereas costing is done to determine the cost of a single item of work. Estimation is necessary to calculate the cost of a project to know if it’s worth doing or not. Cost estimation in civil engineering doesn’t consider depreciation, which makes the cost estimate unreliable.
Course Info
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