What is Estimation and Its Types ? | Why are Client and Contractor require to do Estimation ?

Описание: In this video, We are discussing the Estimation part,

What is the estimation in the construction industry?

Estimation is a rough calculation of quantities of various work and their expenditure, done by the experts of the relevant fields (Quantity surveyor or Estimation Engineer) before the execution of a project. Estimation is dependent upon accuracy, experience, and ability.

Types of Estimation :

Approximate Estimation
Detailed Estimation

Approximate Estimation - It is a preliminary estimation or we called Budget is prepared in an initial project or is used to give a clear idea to the owner(Client) about the amount which is needed for the project.

Detailed Estimation - The estimation engineer does the detail estimation on the behalf of detail specifications like an architecture drawing, structure drawing, and MEP drawings for the technical approval of the project.

It is prepared with the help of a complete set of contract documents, here we can calculate the quantities of different works and calculate the cost of each work.

Why client need to do the estimation?
Client needs to do Estimation for :
Scope
Feasibility
Budget
BOQ (Bill of Quantity)
DPR (Detail Project Report)

What is Bid Value?
The bid value is just a certain amount quoted by the Contractor in the Tendering process against the Tender Value.

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