COST ESTIMATE

 

Planning any major project comes with considerations for two primary factors: budget and time. Cost estimates are necessary for accurate budget projections, which should eliminate most overruns.

Significance

• Cost estimates provide clients with projected costs for completing a project or service. They provide a cost estimation of materials, labor or time, for example.

Function

• Having a bid or cost estimate in place helps customers--business or individual--in the selection process of hiring contractors and other professionals. The cost estimate provides the client with enough basic information to determine whether or not the contractor's bid meets specific budget and time frames.

Types

• There are four types of cost estimates: planning, budget, firm and not-to-exceed. Planning cost estimates are very basic and preliminary in nature. Budget cost estimates are designed to fit within a given budget for a scope of work that the contractor provides to the client. Firm cost estimates are sound enough for contractual agreements. Not-to-exceed estimates set maximums.

Engineering Estimate By :-          

PAKISTAN INSTITUTE OF COST AND CONTRACT   

1..	Preparation of Engineer’s Estimate by using PICC Cost Data
2.	Formulation of Price Adjustment Formula by using PICC Cost Data
3.	Implementation of Price Adjustment Formula

Usefull Data In Engineering Estimation

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5.Material Testing Rates By PICC

6.Cost Data Report By PICC

7.BOQ Model & Guide Line By PICC 

8.BOQ Calculator (Trail)