Detailed estimate is the most accurate method and consist of working out the quantities of each of item of works and working the cost. The dimensions are taken directly from the drawings and quantities of each item are calculated. Finally abstracting and billing is done.
This is prepared in two stages.
1. Details of measurements and calculation of quantities
2.Abstract of Estimated Cost
In the first stage, the quantity, availability, and transportation of materials parameters is being analyzed.
In the second stage, the total abstract of the above analysis is shown.
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Important Points
The different type of estimates and their meaning is mentioned below in tabulated form:
Type of Estimate | Definition |
Preliminary Estimate | It is an approximate estimate and prepared by owner itself before the actual award of work to any agency. |
Cube Rate Estimate | It is an approximate estimate and prepared by calculating the cubical content of building by multiplying its length, breadth and height. |
Detailed Estimate | It is the accurate estimate prepared by working out quantities of each items of work. It is prepared in two stages: 1. Details of measurements and calculation of quantities and 2. Abstract of Estimate. |
Revised Estimate | It is prepared when original sanctioned estimate is likely to exceed more than 5% due to changes in quantity of material or rates. |
Supplementary Estimate | It is the fresh detailed estimate of theadditional worksin addition to the original estimate. It is required when further development is required during the progress of work. |
FAQs
First principles estimating is considered to be best practice and the most accurate method of estimating possible. It is used by millions of estimators, engineers and project managers all over the world. The following list shows some of the main estimating methods within Benchmark Estimating.
Which of the following is the most correct method of estimate? ›
Explanation: Detailed estimate: A detailed estimate should have documents such as report, specifications, drawings/plans, design charts and schedule of rates and is the most accurate method of estimating.
Which estimating method is best? ›
The 4 best project estimation techniques
- Factor estimating. The first and most high-level technique available is factor estimating. ...
- Parametric estimating. Often, companies possess a lot of historical project information that sits unused. ...
- Quantitative factor estimating. ...
- Unit-Rate estimating. ...
- Conclusion.
Parametric estimation is an extremely precise way of estimating a project. Whether you're looking at timeline, cost, or resource requirements, parametric estimates are more accurate than other forms of estimate because of how they are calculated.
Which is the most reliable estimate method? ›
The most reliable estimate is Detailed estimation.
How to do an accurate estimate? ›
The more detailed your estimation is, the more accurate it will be. It's essential to break down each project task into smaller pieces, giving you a better understanding of the required effort. Even seemingly small tasks can require more time than expected, so it's crucial not to overlook anything.
Which style of estimate is more accurate? ›
Definitive estimate:
Typically, bottom-up estimates are placed in this category – the most accurate estimate is a definitive estimate, since the way to create one is to estimate the individual costs for the different parts of the project and then put them together into one estimate.
Which approach to estimation is the most effective? ›
5 Successful Methods of Project Estimation
- Expert judgment. This is probably the most common way people get a project estimation. ...
- Comparative or analogous estimation. ...
- Top-down. ...
- Bottom-up. ...
- Parametric model estimating.
Detailed Estimate
This type of estimate will include a deep dive into labor costs, material costs, equipment costs, and any other expenses that might be incurred during the project. The accuracy of a Detailed Estimate is paramount; hence it often involves experts from various fields.
Which method of estimating will provide the most accurate estimate? ›
Bottom-up estimating is also called analytical estimating. It is the most time-consuming technique, but it is also the most accurate. It's a complete work breakdown that divides project deliverables into a series of work packages in which the project team will estimate the cost of completing each task.
Accurate means “flawless, correct, actual, exact,” and an estimate is “an opinion, a statement of the approximate, a guess, an impression.” Combining the two, an “accurate estimate” is an oxymoron, but this does not change the fact that project managers are asked to provide them.
What is the most accurate method of estimating cost? ›
The most comprehensive and accurate method of cost estimating is the b-quantity survey method. This method involves breaking down a construction project into its individual components and estimating the quantities of materials, labor, and equipment required for each component.
Which type of estimate has the highest accuracy? ›
Definitive estimate:
Typically, bottom-up estimates are placed in this category – the most accurate estimate is a definitive estimate, since the way to create one is to estimate the individual costs for the different parts of the project and then put them together into one estimate.
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