Estimate

One of the significant challenges in the construction industry is managing projects with unique requirements and features. However, all projects have the same primary elements such as scope, schedule, and budget. The accuracy of the cost estimation process determines how smoothly a project will run.

Construction cost estimating is a foundational principle in forecasting the cost of construction of a structure. Project owners also use construction cost estimation to determine a project’s feasibility, scope, and the necessary budget allocations. Proper construction estimation practices prevent the contractor from losing money and the client from overpaying.