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The Construction Estimating Procedure ensures that all estimates are prepared in a standard fashion accurately forecasting the cost of the project.
The estimating requirements on many types of projects may be extensive and require a great deal of time and a high degree of expertise. They must be accurate and prepared in a timely manner.
The Construction Estimating Procedure applies to all project managers and purchasing personnel. (4 pages, 736 words)
A definitive estimate is an estimate that is prepared in detail from a completed set of plans and specifications for the work. Conceptual estimating is the practice of establishing a rational budget for a proposed project before completed work drawings are available.