Estimating Flashcards
Why estimate? (5)
Form basis of future work
Control design
Select contractor/pricing
Cost changes
Control costs
Phases of estimating
Conceptual development
Feasibility
Detailed design
Documentation
Tendering
Construction
Handover
What is involved in the conceptual development stage of estimating?
Potential return on investment
Market value
funding requirements
What is involved in the feasibility stage of estimating?
Building options
Cost benefit analysis
Preliminary estimates
What is involved in the detailed design stage of estimating?
Costing of developments
Checking on budget
What is involved in the documentation stage of estimating
BIM models
Specification
BofQ
Contract
What is involved in the tendering stage of estimating?
Check documentation ensure consistency
Price of tender
What is involved in the construction stage of estimating?
Check design for errors alterations
Check productivity
What is involved in the handover stage of estimating?
Final accounts
Defects liability period
Retention period
Two types of estimating models
Conceptual
Analytical
Advantages of conceptual estimating models
Quick
Disadvantages of conceptual estimating models
Lack detail
Poor accuracy
Advantages of analytical estimating models
Detail/accuracy
Disadvantage of analytical estimating models
Takes time
2 types of conceptual estimating models
Parametric - based on a unit cost of a parameter
Elemental - unit costs of functional elements
