Project Management

Project cost Estimation and Costing (Rate Analysis and Estimating)

last edited by: Latha Thamma reddi on Apr 14, 2023 11:25 PM login/register to edit this page
Keywords: Knowledge and Skills Metrics

What are the Data Required Project cost Estimation and Costing | Rate Analysis and Estimating?

The very fundamental step after preparing your plan is project cost estimation and costing have to be prepared for the further ideas of your building.

.Estimation is the process of finding the required quantity of materials needed for your construction and rate analysis is the method to find the price of each for your constructional unit.

The estimation and costing have done with the help of a project estimator. For this, you need some data required to prepare the estimate of the building.

Project cost Estimation

Data required to prepare estimation and costing.

1.Drawings of your building plan The must required data to prepare estimation and consisting is drawings of your building. The drawings should not rough, all the dimensions and drawing should be clear.

If you want to add some extra drawings after the execution of your estimation. The estimation of that extra work is called as Supplementary Estimate.

2.Specifications Specifications are classified into general and detailed. In general specifications, we talk about needed materials and works in general perspective.

Detailed specifications give you an idea about the quality, quantity, method of preparations and proportions of the work have to be done.

3.Rates After estimating the drawings and required materials, the next data to be collected is the rate of the materials.To do this we need to make rate analysis of the building.

Rate analysis of materials involves

Finding the rates of each item involved in the construction process. Their transportation costs. The other required rates are the rates of labors, painters, masons, carpenters etc..

4.Lump sum items during project estimation. As a civil engineers, the worst situation comes, when we don’t have much experience in taking other measurements such as electricity, sanitary arrangements etc…

The items which is not related to civil engineering are called as lump sum items. Some lump sum items are.

1.Architectural Items 2.Electrical installations such as fan, motor, insulations, light etc.. 3. Sanitary arrangements In order to make correct project cost estimation, you should also make an estimation of lump sum items with the help of estimator working in that field.

5.Work Charge Establishment During the construction of your dream home, you may need to arrange some skilled temporary workers to do some specific purpose for your building like supervisors, watchmen etc..You also need to fix salaries of these workers and add on to the estimation and costing.

last edited by: Latha Thamma reddi on Apr 14, 2023 11:25 PM login/register to edit this page

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