What are the Types of Estimates

TL;DR

This course discusses the various types of estimates in quantity surveying, including detailed estimates, approximate estimates, revised estimates, supplementary estimates, complete estimates, and annual maintenance estimates.

Transcript

hello everyone i welcome you all to this course certification in quantity survey and today we will learn what are the various types of the estimates in a previous one we have seen what are the estimates now let us go for in detail what exactly are the types also so that which one is good for which situation that will be focusing on so as i told you... Read More

Key Insights

• 👷 Estimates in quantity surveying are crucial for planning and organizing construction projects.
• ❓ Detailed estimates provide a comprehensive breakdown of materials, specifications, and drawings.
• 😒 Approximate estimates use thumb rules or past experiences for quick cost calculations.
• 📽️ Revised estimates are necessary when project costs deviate significantly from initial estimates.
• 💦 Supplementary estimates cover additional works that were not originally included in the main estimate.
• 📽️ Complete estimates encompass all aspects of the project, from land acquisition to project delivery.
• 📽️ Annual maintenance estimates account for ongoing maintenance costs after project completion.

Questions & Answers

Q: What is a detailed estimate?

A detailed estimate includes the quantity and cost of each material used on a construction site, along with important documents, specifications, and drawings. It provides a comprehensive calculation for the project.

Q: How are approximate estimates calculated?

Approximate estimates are calculated using thumb rules or previous experiences. There are three types: unit rate estimates, plain area estimates, and cube rate estimates. These estimates provide a rough calculation of costs based on general rates for specific quantities.

Q: What is a revised estimate?

A revised estimate is necessary when project costs vary by a significant percentage due to rate escalation or incorrect quantity calculations. It involves discussions between the owner, client, and contractor to determine any additional costs or compensation for excess quantities.

Q: What is a supplementary estimate?

A supplementary estimate is prepared for additional works that were not initially included in the main estimate. This can include extra tasks or changes in specifications. It may be assigned to the same contractor or a different one, depending on their willingness to undertake the additional work.

Summary & Key Takeaways

• Estimates are important calculations of the quantity and cost of materials needed for construction projects.

• Detailed estimates include the quantity and cost of each material used on a construction site, along with essential documents, specifications, and drawings.

• Approximate estimates use thumb rules or previous experiences to estimate costs, including unit rate estimates, plain area estimates, and cube rate estimates.