Estimate - Revision history

Designing Buildings at 06:38, 15 August 2024

2024-08-15T06:38:57Z

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	* Contingencies.		* Contingencies.
	* Cost overruns.		* Cost overruns.
−	* Cost plan
	* Cost plans.		* Cost plans.
	* Elemental estimating.		* Elemental estimating.

Designing Buildings at 08:03, 3 February 2023

2023-02-03T08:03:23Z

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	Estimates will generally include contingencies, which are downside risk estimates that make allowance for unknown risks associated with a project. At the preliminary business plan stage, estimates might include a 15% contingency, but this may then be reduced as the project progresses and risks pass.		Estimates will generally include contingencies, which are downside risk estimates that make allowance for unknown risks associated with a project. At the preliminary business plan stage, estimates might include a 15% contingency, but this may then be reduced as the project progresses and risks pass.
		+
		+	NB [https://www.rics.org/uk/upholding-professional-standards/sector-standards/construction/rics-cost-prediction-professional-statement-global-1st-edition/ Cost prediction, Professional Statement, 1st edition], published in November 2020 by the Royal Institution of Chartered Surveyors (RICS), defines estimate as: A prediction or forecast of the resources (i.e. time, cost, materials, etc.) required to achieve or obtain an agreed scope of work (i.e. for an investment, activity, project, etc.).’

	= Related articles on Designing Buildings =		= Related articles on Designing Buildings =

Designing Buildings at 10:39, 12 November 2021

2021-11-12T10:39:37Z

← Older revision		Revision as of 10:39, 12 November 2021
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	Estimates will generally include contingencies, which are downside risk estimates that make allowance for unknown risks associated with a project. At the preliminary business plan stage, estimates might include a 15% contingency, but this may then be reduced as the project progresses and risks pass.		Estimates will generally include contingencies, which are downside risk estimates that make allowance for unknown risks associated with a project. At the preliminary business plan stage, estimates might include a 15% contingency, but this may then be reduced as the project progresses and risks pass.
−
−	~~[[File:DBWCTA_C_link_cost_estimating_tool.jpg\|link=https://hubs.la/H0Vf7hh0]]~~

	= Related articles on Designing Buildings =		= Related articles on Designing Buildings =

Designing Buildings at 08:04, 26 October 2021

2021-10-26T08:04:03Z

← Older revision		Revision as of 08:04, 26 October 2021
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	* Breaking down an overall estimated construction cost into percentages for different elements, based on the experience of the cost consultant.		* Breaking down an overall estimated construction cost into percentages for different elements, based on the experience of the cost consultant.
	* Measuring defined quantities from drawings.		* Measuring defined quantities from drawings.
		+
		+	For more information see: Types of estimating.

	Initial cost estimates might include wider project costs that the client might incur, such as; fees, equipment costs, furniture, the cost of moving staff, contracts outside of the main works, and so on. Later in the project, estimates are likely to focus on the construction cost of the project. It is important to be clear therefore what costs are being included in estimates, and estimates might be accompanied by a schedule of the assumptions that have been made.		Initial cost estimates might include wider project costs that the client might incur, such as; fees, equipment costs, furniture, the cost of moving staff, contracts outside of the main works, and so on. Later in the project, estimates are likely to focus on the construction cost of the project. It is important to be clear therefore what costs are being included in estimates, and estimates might be accompanied by a schedule of the assumptions that have been made.
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	[[File:DBWCTA_C_link_cost_estimating_tool.jpg\|link=https://hubs.la/H0Vf7hh0]]		[[File:DBWCTA_C_link_cost_estimating_tool.jpg\|link=https://hubs.la/H0Vf7hh0]]

−	= Related articles on Designing Buildings ~~Wiki~~ =	+	= Related articles on Designing Buildings =

		+	* Analogous estimating.
	* Base cost estimate.		* Base cost estimate.
	* Benchmarking.		* Benchmarking.
		+	* Bottom-up estimation.
	* Budget.		* Budget.
	* Building works estimate.		* Building works estimate.
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	* Cost overruns.		* Cost overruns.
	* Cost plan		* Cost plan
		+	* Cost plans.
		+	* Elemental estimating.
	* Elemental method.		* Elemental method.
	* Estimator.		* Estimator.
		+	* Expert opinion estimating.
	* Extra over (EO).		* Extra over (EO).
	* Initial cost appraisal.		* Initial cost appraisal.
	* Irrelevant cost.		* Irrelevant cost.
−	* Operational rate ~~estimate‎~~.	+	* Operational rate estimate?.
		+	* Order of cost estimating.
		+	* Parametric estimating.
	* Post tender estimate.		* Post tender estimate.
	* Pre-tender estimate.		* Pre-tender estimate.
	* Spon's Price Book.		* Spon's Price Book.
	* Tender pricing document.		* Tender pricing document.
−	* Top down ~~and bottom up~~ estimating.	+	* Three point estimation.
		+	* Top down estimating.
		+	* Types of estimating.
	* Unit rate estimating.		* Unit rate estimating.

	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Standards_/_measurements]] [[Category:Construction_management]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]		[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Standards_/_measurements]] [[Category:Construction_management]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]

Designing Buildings at 07:57, 26 October 2021

2021-10-26T07:57:36Z

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	Estimates will generally include contingencies, which are downside risk estimates that make allowance for unknown risks associated with a project. At the preliminary business plan stage, estimates might include a 15% contingency, but this may then be reduced as the project progresses and risks pass.		Estimates will generally include contingencies, which are downside risk estimates that make allowance for unknown risks associated with a project. At the preliminary business plan stage, estimates might include a 15% contingency, but this may then be reduced as the project progresses and risks pass.

−	[[File:~~DBWCTA C link cost estimating tool~~.jpg\|link=https://hubs.la/H0Vf7hh0]]	+	[[File:DBWCTA_C_link_cost_estimating_tool.jpg\|link=https://hubs.la/H0Vf7hh0]]

	= Related articles on Designing Buildings Wiki =		= Related articles on Designing Buildings Wiki =
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	* Tender pricing document.		* Tender pricing document.
	* Top down and bottom up estimating.		* Top down and bottom up estimating.
−	* Unit ~~price estimate~~.	+	* Unit rate estimating.

	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Standards_/_measurements]] [[Category:Construction_management]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]		[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Standards_/_measurements]] [[Category:Construction_management]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]

Designing Buildings at 10:23, 15 August 2021

2021-08-15T10:23:13Z

← Older revision		Revision as of 10:23, 15 August 2021
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	Estimates will generally include contingencies, which are downside risk estimates that make allowance for unknown risks associated with a project. At the preliminary business plan stage, estimates might include a 15% contingency, but this may then be reduced as the project progresses and risks pass.		Estimates will generally include contingencies, which are downside risk estimates that make allowance for unknown risks associated with a project. At the preliminary business plan stage, estimates might include a 15% contingency, but this may then be reduced as the project progresses and risks pass.
		+
		+	[[File:DBWCTA C link cost estimating tool.jpg\|link=https://hubs.la/H0Vf7hh0]]

	= Related articles on Designing Buildings Wiki =		= Related articles on Designing Buildings Wiki =

Editor at 16:40, 29 September 2020

2020-09-29T16:40:24Z

← Older revision		Revision as of 16:40, 29 September 2020
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	* Spon's Price Book.		* Spon's Price Book.
	* Tender pricing document.		* Tender pricing document.
		+	* Top down and bottom up estimating.
	* Unit price estimate.		* Unit price estimate.

	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Standards_/_measurements]] [[Category:Construction_management]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]		[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Standards_/_measurements]] [[Category:Construction_management]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]

Editor at 14:47, 29 September 2020

2020-09-29T14:47:43Z

← Older revision		Revision as of 14:47, 29 September 2020
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	Contractors, subcontractors and suppliers will then prepare definitive cost estimates to submit tenders in the construction bidding process to compete for the award of contracts.		Contractors, subcontractors and suppliers will then prepare definitive cost estimates to submit tenders in the construction bidding process to compete for the award of contracts.

−	~~The~~ are a number of methods available for estimating, depending on the stage of the project and the information available:	+	There are a number of methods available for estimating, depending on the stage of the project and the information available:

	* Benchmarking, which is a process by which other similar projects are used as comparisons.		* Benchmarking, which is a process by which other similar projects are used as comparisons.
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	Estimates will generally include contingencies, which are downside risk estimates that make allowance for unknown risks associated with a project. At the preliminary business plan stage, estimates might include a 15% contingency, but this may then be reduced as the project progresses and risks pass.		Estimates will generally include contingencies, which are downside risk estimates that make allowance for unknown risks associated with a project. At the preliminary business plan stage, estimates might include a 15% contingency, but this may then be reduced as the project progresses and risks pass.

−	~~= Find out more =~~	+	= Related articles on Designing Buildings Wiki =
−		+
−	=== Related articles on Designing Buildings Wiki ===	+

	* Base cost estimate.		* Base cost estimate.

Editor at 14:45, 29 September 2020

2020-09-29T14:45:23Z

← Older revision		Revision as of 14:45, 29 September 2020
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	The term ‘estimate’ is a very broad one that refers to any activity that attempts to quantify something. In the construction industry, it is typically used in relation to the approximate costs associated with a construction project, used, for example to assess the viability or affordability of the project or aspects of it.		The term ‘estimate’ is a very broad one that refers to any activity that attempts to quantify something. In the construction industry, it is typically used in relation to the approximate costs associated with a construction project, used, for example to assess the viability or affordability of the project or aspects of it.

−	An estimate is an attempt to predict the likely expenditures associated with a project as accurately as possible. The degree of detail and the accuracy of estimates will typically increase as the project progresses, more decisions have been made, and more information it available, however, their true accuracy only becomes apparent once the project is complete and the actual costs incurred.	+	An estimate is an attempt to predict the likely expenditures associated with a project as accurately as possible. The degree of detail and the accuracy of estimates will typically increase as the project progresses, more decisions have been made, and more information is available, however, their true accuracy only becomes apparent once the project is complete and the actual costs incurred.

	At the outset, estimates may be made to help determine whether a project is affordable and to set a budget. They will then be used to test design options to ensure they are in line with the budget.		At the outset, estimates may be made to help determine whether a project is affordable and to set a budget. They will then be used to test design options to ensure they are in line with the budget.

Designing Buildings at 07:48, 23 September 2020

2020-09-23T07:48:50Z

← Older revision		Revision as of 07:48, 23 September 2020
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	* Unit price estimate.		* Unit price estimate.

−	[[Category:~~Standards_/_measurements~~]] [[Category:~~DCN_Standard~~]] [[Category:Construction_management]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Standards_/_measurements]] [[Category:Construction_management]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]