Showing posts with the label Estimation

6 Main Components of Project Cost

6 Main Components of Project Cost Project Cost The entire amount of money needed to execute a project or piece of work, including direct and indirect expenditures, is referred to as the project cost. All costs or monetary obligations incurred or expected to be incurred to accomplish the projects specified in the project baseline are included in the project cost. There are 6 main components behind the project cost, and we are going to know about these 6 main components of the Project Cost in the brief in this article 6 main components are as follows Indirect cost Outage loss + Overheads Direct project cost These include labor cost, material cost, equipment cost, etc. Normal time Normal time is the standard time that an estimator would usually allow for an activity. Crash time Crash time is the minimum possible time which an activity can be completed by employing extra resources Normal cost This is the direct cost required to complete the activity in normal time duratio

Chapter 3 – The main items of work in the detailed estimates

Chapter 3 - The main items of work in the detailed estimates The main items of work are as under, Earthwork - Quantities are measured in cubic meters during both excavation and filling. Concrete in foundations - The cubic meter is the unit of measurement. Brick Soling Work - The quantity is measured in square meters, and it is nothing more than a single layer of bricks laid beneath the foundation concrete. D.P.C. (Damp Proof Course) - Quantity is measured in square meters. Masonry Work - Cubic meters are used to quantify quantity. Lintels over apertures - The cubic meter is the unit of measurement. Roofing and flooring - Quantities are measured in sq m. Work with Reinforced Cement Concrete (R.C.C.) - The cubic meter is the unit of measurement. Plastering and pointing - The square meter is the unit of measurement. Pillars - Cubic meters are used to quantify quantity. Quantity is measured in square meters for doors, windows, and ventilators. Kilograms and Tonnes are

Chapter 2 - Different Important Types of Estimates

Chapter 2 - Different Types of Estimates In our earlier article, i.e. Chapter 1 – Basic Introduction to Estimating and Quantity Surveying , we have learned about the basics of Estimates and Quantity Surveying. Now, in this article, we will be going to learn about the different types of estimates that are used to carry out the estimates in this field of Civil Engineering. Follow the article to learn more about the types of estimates, Types of Estimates Detailed estimate or Item Rate estimate or Intensive estimate. A detailed estimate is a precise estimate that is created in two steps. The first stage involves accurately extracting the measurements of each item from the drawings and computing the amounts beneath each item. The cost of each piece of work is determined in the second step, and the overall cost is computed by adding all of the expenses together. A percentage of the projected cost is added to account for those things that do not fall under any of the other headings, as well

Chapter 1 - Basic Introduction to Estimating and Quantity Surveying

Chapter 1 - Introduction to estimating and Surveying by EngineersIndia Introduction to Estimating Estimating may be described as a prediction of the likely cost of a construction or a project before the work begins. It takes talent, experience, foresight, and excellent judgment on the side of the estimator, as well as a thorough understanding of the materials and labor costs involved in the project. If labor and material costs stay constant, a reasonable estimate should not deviate by more than 15% from the actual cost of the project after completion. Guesswork entails making a random decision based on all relevant information. It may result in a figure that is either too high or too low. Estimating aids in the alteration or modification of a project to fit inside a budget. It is helpful in preparing tenders for construction projects and inspecting the work done by contractors for interim and final payments. It also serves as a foundation for determining the regular rent for buildi

6 important terms from the estimation

The 6 important terms taken from the subject of the Estimation Following are the 6 important terms from the estimation Annuity That is the annual quarterly contributions made by a party to refund the capital sum spent. Annuity Certain An annuity certain is one in which the sum of an annuity is accrued over a set number of dates or years. Annuity Due If the balance of an annuity is charged at the start of each month of the year and payments occur for a certain number of years, it is referred to as an annuity due. Deferred Annuity Deferred Annuity occurs as the payment of an annuity resumes at an unknown date after a period of years. Perpetual Annuity A lifelong annuity is one in which the contributions to an annuity begin indefinitely. Rent It is a charge made on an annual or quarterly basis for the use of land or land and construction. Thanks for reading the article, keep sharing it. Thanks, Kumar Bhanushali