QS - CHAPTER 1 ; SECTION 1 : Flashcards
core of professional practice estimate is nothing without theory
guesstimate
substantiated by theoretical calculation or data
engineering estimate
calculation approx. the quantities
estimate
conceptual estimate can be prepared by
area method or assembly method
done by multiplying the area
area method or assembly method
varies from plus or minus 20% to 30% of the actual or final estimate
area method or assembly method
useful during schematic
conceptual estimate
first step in the production of plans and comprises about 40%
preliminary design
prepared by the engineering to derive a cost
preliminary estimate
prepares to estimate based on the final design
designer’s estimate
should be made to achieve a destination of plus or minus 3% to 5%
designer’s estimate
project for bidding competition
bid estimate
must be made accurate, competitive, profitable
bid estimate
minimum professional fee is a cost that includes in the bid estimate
overhead
estimating task continues requiring a greater effort
construction estimate
reduced by deducting the accrued depreciation
most profitable cost
