Basics in Building Construction

Building Components And Types

Lesson 30 : Construction Cost Estimation

Introduction

Estimating the cost of construction of proposed building is one of the most important exercise. The conceptual cost estimate is important to owners, architects and builders. It is a tool for determining required funding and to gauge the needs of a project. Cost estimates fall into two categories as

1. conceptual estimates and
2. detailed estimates

Conceptual estimating or parametric estimating is the process of establishing a projects cost, often before any graphical representation of a facility has been developed.

Detailed construction estimate is the process whereby the cost of a proposed construction project is predicted. The estimated is prepared by breaking down the items of work in an orderly and logical basis, determining the cost of each item and summarizing the total.

The cost estimation to be accurate should be based on the measurement and pricing of quantities wherever information is provided and or reasonable assumptions for other work not specifically covered in the drawings or specifications. Cost for each building components with minute details should be estimated. For this, the detailed quantities of various works have to be worked out and the total cost of each work can be arrived by multiplying the quantity with the unit cost of the item.