Answered: n the perspective of the owner, give…

n the perspective of the owner, give examples of problems that may arise if an early estimate is significantly lower than the final actual cost of a project.

Fundamentals Of Construction Estimating

4th Edition

ISBN:9781337399395

Author:Pratt, David J.

Publisher:Pratt, David J.

Chapter8: Pricing Generally

Section: Chapter Questions

Problem 5RQ

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Concept explainers

Budget Estimating

The term budget signifies a plan over the long run, generally, a year that covers the financial expenses and revenues of any organization. This budget plan is known to estimate the growth and success of any organization. Civil engineering companies utilize project budgets for estimating project costs, construction costs, and other direct and indirect costs related to the project being undertaken. Project budget is a detailed statistical tool primarily used by project managers to estimate the overall project cost. The project budget is in the form of a document that includes all the costs which are incurred during the project undertaking and after the completion of the project. Large commercial projects have the project budget estimate in the form of large detailed pieces of documents which include every cost estimate regarding man and materials. Labor costs, material procurement costs, construction costs, and operational costs are some of the costs that are incurred during the project execution and planning phase.

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In the perspective of the owner, give examples of problems that may arise if an early estimate is significantly lower than the final actual cost of a project.

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A contractor wishes to participate in the bidding for a government project and submitted documents for eligibility screening or pre-qualification. The ABC for the project to be bid is P328,644,200.20 with a duration of 20 months. The document submitted by the contractor showed that the largest single project similar to the project to be bid undertaken by the contractor in the last 3-years has a value of P163,866,528.45. Will the contractor be qualified to participate in the bidding for the project? Why?
Estimate Costs is the process of developing an approximation of the monetary resources needed to complete project activities, as the project manager in charge of controlling cost on the project OUTLINE the input under estimate cost in project management in your own understanding.