When you estimate costs for your project?

When you estimate costs for your project?

Cost estimation in project management is the process of forecasting the financial and other resources needed to complete a project within a defined scope. Cost estimation accounts for each element required for the project—from materials to labor—and calculates a total amount that determines a project’s budget.

How accurate are construction estimates?

No construction estimate is 100% accurate, even if performed by an expert using the latest software package available. The normal practice is adding contingency as a percentage of the total project budget, determined by estimators based on their experience and the perceived uncertainty in each project.

Which of the following is the most reliable estimate?

The Detailed Estimation is the most reliable estimation.

Which type of project cost estimate is the most accurate?

During the planning phase of the project, one need the most accurate estimates known as Definitive estimates whose expected accuracy level is between -5 to +5 percentage. Definitive estimates are based on detailed Work Breakdown Structures (WBS).

What are the two dangers that must be avoided when using computerized estimating?

Two dangers that must be avoided when using computerized estimating are (1) to turn thinking over the computer, making the estimator nothing more than a data-entry person, and (2) to use the software for a project that it was not designed to estimate.

What are the data required for detailed estimate?

The must required data to prepare estimation and consisting is drawings of your building. The drawings should not rough, all the dimensions and drawing should be clear. If you want to add some extra drawings after the execution of your estimation. The estimation of that extra work is called as Supplementary Estimate.

Which of the following is least accurate estimate?

A rough order of magnitude (ROM) estimate is the least accurate estimate.

How is earth excavation calculated?

The cross-sectional area of the trench is (5+15)/2*5, or the average trench width of 10 feet * 5 feet deep = 50 square feet. If the trench is 100 feet long, and the ends of the trench excavation are not also sloped, then the volume is 50 * 100 = 5000 cubic feet, or 185 cubic yards.

What is mid section formula?

In this formula, the mean depth is to be calculated. First by avergaing the depths of two consecutive sections. From the mean-depth the area of mid-section is to be worked out and volume of arthwork to be compted by multiplying the area of mid-secion by the distance between the two original sections.

What is usually the biggest problem involved in trying to re estimate a project?

One of the biggest problems when estimating is trying to meet someone else’s rushed deadline. Pressure from the customer or pressure from your senior management – either way, it’s a bad situation to be in. Take the time you need to work with your team – and the customer, if appropriate – to estimate the work properly.

What are the pitfalls associated with budgeting and cost estimation of a project?

A major pitfall for cost estimating is forgetting something, or not realizing that a feature or function is required. To get a useful and realistic cost estimate, follow up on discrepancies and nail down the details of what work will be carried out for the estimated costs.

What are the 2 basic approaches used to estimate the cost of project?

There are two main approaches to take when creating a budget – top-down approach and bottom-up approach.

Which of the following data is required for detailed estimate?

1. Which of the following data is not required to prepare an estimate? Explanation: For preparing an estimate, data such as drawings, detailed specifications, rates, etc. is required. The drawings needed to prepare the estimate include plans, sections, elevations, etc.