Estimating and Costing
Definition Estimating and Costing
- Estimating is the process of calculating or Computing thevarious quantities and the expected Expenditure to be incurred on aparticular work or project.
- In case the funds available are less than the estimated cost the workis done in part or by reducing it or specifications are altered, thefollowing requirements are necessary for preparing an estimate.a )Drawings like a plan, elevation, and sections of important points.b)Detailed specifications about workmanship & properties of materials etc.c)Standard schedule of rates of the current year.
NEED FOR ESTIMATION AND COSTING
- Estimate gives an idea of the cost of the work and hence its feasibility can be determined i..e whether the project could be taken up within the funds available or not.
- Estimate gives an idea of the time required for the completion of the work.
- An estimate is required to invite the tenders and Quotations and to arrange a contract.
- An estimate is also required to control the expenditure during the execution of work.
- Estimate decides whether the proposed plan matches the funds available or not.
PROCEDURE OF ESTIMATING OR METHOD OF ESTIMATING.
Estimating involves the following operations
1. Preparing detailed Estimate.
2. Calculating the rate of each unit of work
3. Preparing abstract of estimate
DATA REQUIRED TO PREPARE AN ESTIMATE
1. Drawings i.e.plans, elevations, sections, etc.
2. Specifications.
3. Rates.