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Showing posts from January, 2021

Fundamentals of Estimating and Costing

  Estimate: An estimate is the anticipated or probable cost of a work .   Usually it is prepared before the execution of construction work. Estimating: The process of working out the probable cost of a work is called estimating. Estimating include taking out quantities and abstracting. So in other words the process of calculating the quantities and costs of the various items in connection with work required for satisfactory completion of work is also called as estimating. Purposes of Estimating:- i. To know the approximate cost of proposed work. ii. To obtain administrative approval and technical sanction. iii. To know the requirement of tools, plants and equipment. iv. To fix up the completion period. v. To draw up a construction schedule and programme. vi. To invite tender for execution of work. vii. To keep control over expenditure during construction. Costing: Costing is the process of determining actual cost of work before the execution of work.   Pu