Chapter 1, Problem 1RQ

To determine

What isconstruction cost estimate.

Explanation of Solution

Introduction:

Estimate is the assessment of the probable cost of the future project or activity. It is useful for preparing future expenditures and to calculate the cost of something that will be implemented in future. It includes proper analysis and calculation.

The construction cost estimate is a method to forecast the cost of physical structure. The owner of the project use construction cost estimate to determine the project's scope and itsfeasibility, whereas contractors use it for deciding whether to bid on a project or not. The construction cost estimate includes the cost of each and every element from substructure to superstructure. The time and effort used to prepare construction cost estimate saves the project cost and time at the end.

In order to prepare an accurate estimate, all the materials, equipment and labor charges are included. Quantity of every item such asdoors, windows, walls, etc. is determined and a probable cost is assigned.

Conclusion:

Thus, the construction cost estimate is used to forecast the probable cost of the future physical structure. It includes the detailed description of quantity and usage of every element used in the construction with its cost.