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Estimation and Costing in Construction Engineering

What are Estimation and Costing?

Estimating and Costing are one and the same things. The estimate is defined as the process of calculating or computing the various quantities and the expected cost spend on a particular work or project.

The main objective of an estimate is to enable one to know the probable cost of the work before the completion of the project. If the estimate is prepared carefully and correctly there will not be much difference between estimated and actual cost.

Importance Estimation and Costing

  • It is necessary for fixing the budget for the proposed project

  • It helps for calculating the required quantities of materials and laborers for the project

  • It is required to draw up a work schedule

  • It is also helpful to check the works done by contractors during and after the execution

  • It is required for preparing tenders for the project

  • It is necessary for the valuation of land and building

Estimation and Costing Requirement

  • To estimate the probable cost of the work

  • To find the various types and quantities of material required

  • To find the various categories and quantities of labors required

  • To give an idea of the time required for the completion of the work

  • To help in fixation of standard rent and valuation of the project

Methods of Estimation

  • Centerline method

  • Crossing Method

  • Out to Out and In to In (Long wall and short wall) Method

  • Bay Method

Types of Estimation

  • Preliminary or rough estimate

  • Plinth area estimate

  • Unit rate estimate

  • Cube rate estimate

  • Item rate estimate

  • Detailed estimate

  • Revised estimate

  • Supplementary estimate

  • Annual repair estimate and annual maintenance estimate

Conclusion

Hence estimation and costing help to work out the approximate cost of the project in order to decide its feasibility with respect to the cost and to ensure the financial resources.


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