Types of estimating
In its broadest sense, the term ‘estimating’ is the process of quantify something. In the construction industry, it is typically used in relation to determining the approximate costs associated with a construction project, used, for example to assess the viability or affordability of the project or aspects of it.
Types of estimating include:
- Analogous estimating.
- Bay method.
- Benchmarking.
- Bottom-up estimation.
- Cost plans.
- Elemental estimating.
- Expert opinion estimating.
- Operational rate estimate.
- Order of cost estimating.
- Parametric estimating.
- Post tender estimate.
- Pre-tender estimate.
- Three point estimation.
- Top down estimating.
- Unit rate estimating.
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