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Estimate

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Fernan Jr. Falogme
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24 views

Estimate

Research paper

Uploaded by

Fernan Jr. Falogme
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ESTIMATE:

Each estimate should be developed as accurately as possible, in as much detail as can be assumed, and
be based upon the best information available. Increased accuracy provides a greater level of confidence
in the estimate but requires more information about specific project requirements and local conditions.
Accuracy and completeness are critical factors in all cost estimates. An accurate and complete estimate
establishes accountability with the cost engineer and enables management to place greater confidence
in the cost estimate.

The Engineer’s Estimate is an important part of the overall design process. It is a determination of the
construction costs for any given project. The estimate is then used for programming and funding
proposes. Preparing the estimate requires knowledge of construction methods, fabrication processes
and construction costs based on the measurement and payment section in the Specifications. An
Engineer’s Estimate is required for all projects.

An accurate construction cost estimate is essential to successful project management, and a


requirement for the service provider’s and client’s sound fiscal budgeting. Large variances between the
engineering estimate and actual contractors’ construction bids can delay the award of projects and
creates additional activities to ensure the successful construction-award of the project. Administration
and Engineering is estimated and accounted for under the Design Cost Estimate. Administration and
Engineering includes the preparation of the construction drawings (specifications and plans) as well as
the project management/design staff’s administration of the project as a whole, from the start of design
until project close-out.

There are 2 approaches to cost estimating, under each of which there are several methods (techniques)
available:

Cost Estimating Approaches:

 Top Down - Relates to total costs, or costs of major elements, of similar projects. Under this
approach, the estimate begins with a total figure and is then broken down into smaller parts,
progressively detailing the estimate until all project elements are accounted for.
 Bottom Up – Breaks the product into smaller elements and estimates each individually. The
individual elements are then grouped back together to come up with an overall cost estimate

Cost Estimating Methods

 Ratio – Applies fixed ratios to costs of major elements based on previous similar projects. While
all projects are considered to be unique, some projects are similar in scope to others.
 Parametric - This approach follows, in principle, that of the Ratio Method but instead of a fixed
ratio, the Parametric Method uses a more complex correlation of smaller element costs to larger
ones (e.g. based on size, quantity, complexity, technique, etc.).
 Standards - Estimates every project element using published or in-house standard cost for that
element. Standard estimates may be ratio-based or parametric, but the data used is a
compilation, and the source of the projects is unknown

The accuracy of the estimate is dependent upon what is known, what is assumed, and what is
unforeseen at the time the estimate is prepared.

The policy regarding the preparation of quantity calculations is as follows: A. Conceptual Stage During
the conceptual stage of a project, estimated quantities may be required to arrive at an estimated cost.
The need for conceptual stage quantities will be determined by the Bridge Project Support Unit. B.
Preliminary Plan Stage Upon completion of the preliminary plan, estimated quantities may be required
to arrive at an estimated cost. The need for preliminary plan stage quantities will be determined by the
Bridge Project Support Unit. C. Design Stage If requested, quantity calculations shall be made, reviewed,
and submitted to the Bridge Project Support Unit by the Bridge Design Unit as the design progresses.
The first submittal of estimated quantities shall be made as soon as the major dimensions of the
structure are determined. As refinements in the design are made, quantities varying more than 10
percent from those previously submitted shall be resubmitted. D. Final Contract Quantities Upon
completion of structural design and plans, the quantities of materials and work items involved in the
construction of the project shall be computed.

SPECIFICATIONS:

The specifications section of the PS&E includes all the general directions, provisions, and requirements
for the construction of the project. These requirements state the minimum standards of performance
for materials and workmanship executed under the contract. The specifications will also outline how the
in-place work performance will be measured for subsequent payment.

Last activities performed, as each component set of construction plans is reviewed along with the
applicable specifications to develop the project estimate. The pay item list is compiled to cover all
proposed contract work.

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