There are many types and techniques used for construction estimating.
Construction projects go through many phases of develop from their inception to completion. The construction estimate can be used at various stages of a project’s development to facilitate budget planning and to control costs.
Construction estimating techniques have several different levels of detail and each is used for different purposes.
- Order of Magnitude Estimates – Accuracy plus or minus 20%
- Loosely describes an educated guess of a construction estimate. This type of cost estimating is a broad analysis of a planned project, drawing upon past experience and by using comparisons to similar projects. This usually takes a construction estimator a minimal amount of time arriving at the construction costs however it is the least accurate estimate.
- Square Foot and Cubic Foot Estimates – Accuracy plus or minus 15%
- This type of construction estimating is useful when a proposed project has a designated use and a planned building type and size and minimal other information is known at this stage. Although the construction costs arrived at for this estimate has a higher level of accuracy than the Order of Magnitude, it still represents a loose estimation for the construction costs.
- Assemblies Systems Estimate – Accuracy plus or minus 10%
- This is the most common type of estimating when developing a budget during the planning stages. It has a higher level of accuracy for construction costs and provides a more accurate view of the project build-out costs.
- Unit Price Estimate – Accuracy plus or minus 5%
- This is the most time consuming estimate, however it provides a high level of accuracy for construction estimating costs. Working drawings and specifications have been provided and this estimate type is primarily used to bid projects.
- Call us and see how we can use the right estimate for whatever phase your project is in.