Estimation stands for the process for making rough calculation of the value, number, quantity which can be used for some purpose although the input data may be unfinished, vague, or unsteady. Estimation is done to find out the prospective construction cost associated with a project. Estimating can be done at various stages of project duration depending on the purpose of estimation.

Initially estimation is accomplished prior to the commencement of the construction with the intention of formulating budget for the project or bidding the project as a contractor. Different types of estimation are available which are undertaken on the basis of the project manual and drawing supplied as well as the objective of utilizing estimated data.

Estimate comprises of various items which are essential to finish the project along with overhead and contractor’s profit. To deal with this type of estimate, an estimator is always in search of full set of drawing and instruction manual of the project. This estimate involves necessary materials, labor, the project completion time, entire cost details and overhead as well as contractor profit. There are also other items like insurance, bond, equipment and various important things required to finish the project successfully. To carry out this type of estimating, the estimator should have adequate knowledge concerning complete project budget, time duration and contractor profit.

Estimate is arranged by measuring building area and then multiplying area with pre-set unit cost. After that, it is required to modify the cost according to building height, length, width and other necessary building elements. To make this type of estimate, a simple floor plan along with measurement and key elevation of the building is required. This type of estimation is undertaken to verify that whether the project has been designed as per owner’s budget or not.

Download the following sample excel spreadsheet that will be very useful to make estimates in building construction.

Download Building Construction Estimate Spreadsheet

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