Fundamentals Of Construction Estimating
4th Edition
ISBN: 9781337399395
Author: Pratt, David J.
Publisher: Cengage,
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Why is validation of cost estimation crucial, and what methods are commonly used to validate estimates?
Explain the difference between unit-cost estimating methodsand resource enumeration methods. When would youuse unit cost? When would you use resource enumeration?
Based from the example, what is the number of uses for which purchase and rental costs become even?
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- List and describe the six elements of a detailed estimate.arrow_forwardRough cost estimate can provide quick cost value to the estimator. true or false?arrow_forwardThe methods used to estimate the cost of a project during the selection phase are generally slower and consume more resources than those used to create detailed estimates in later phases. True Falsearrow_forward
- Cost estimation plays a vital role in the success of any project. Explain the different tools and techniques due to which the process of cost estimation takes place.arrow_forwardHow does a project's intended lifespan influence its estimated cost, particularly regarding maintenance?arrow_forwardIn 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.arrow_forward
- Which metrics are most useful when assessing the accuracy of a cost estimate post-project completion?arrow_forwardOn what basis you can arrive at an estimation for your project?arrow_forwardEstimate 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.arrow_forward
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