From the course: Construction Estimating: RSMeans and Cost Data
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Different types of construction costing
From the course: Construction Estimating: RSMeans and Cost Data
Different types of construction costing
- [Instructor] There are a few types of estimates or levels of estimates, if you will. The most common type is a bid estimate, which is used when a company tries to win a project by being the lowest responsible bidder. This type of estimate has a high level of detail and understanding of the project. Sometimes companies are asked to give a rough idea of the cost of construction for planning purposes. This is commonly referred to as a budget estimate or an order of magnitude. Typically, all of the details needed to create a bid estimate are not yet available for a budget estimate, and it's commonly used in the planning process of a project. These are normally within 20% of the actual price. A detailed estimate is similar to a bid estimate in that it relies on great detail or takeoff in composition. However, this estimate may be used to determine individual pieces or systems of the construction. For example, a detailed estimate can reveal the likely cost of just the drywall installation…
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