In the organization, background work for estimation is carried out by higher management and organizations keeps the details regarding unit cost of the items called schedule of rate, productivity, and guideline for basic calculation. The basic calculation is carried out by junior level engineers or assistants.
In preparing detailed estimate, we need to know the following two things
- Quantities of the items involved.
- Obtaining cost of the items involved.
Methods of obtaining quantities of the items involved is called quantity estimate and method obtaining unit cost of the items involved is called rate analysis.
Types of Estimate:
Based on the rigor with which an estimate is prepared, the estimate can be classified as
- Preliminary estimate.
- Detailed estimate.
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