Synonym Discussion of estimate. by scceu January 6, 2020 0 60. Cost Estimate Classification System improves communications among all the stakeholders involved with preparing, evaluating, and using cost estimates. Approximate Estimates. Estimate definition is - to judge tentatively or approximately the value, worth, or significance of. • A detailed estimate is also required for the preparation of contract (agreement) document. Share 0. The Purpose of the Estimates. Purposes of detailed estimate | The Use of estimation Purposes of detailed estimate • In Government Organisation, a detailed estimate is required for obtaining technical sanction from the competent authorities for the proposed work. Estimates provide an rough idea of the cost of the job and therefore its feasibility can be calculated, i.e. Estimate at Completion (EAC) is a forecasting tool in project management. Purpose of Estimating and Costing. The Purpose of the Estimate. Estimate gives an idea of the time needed to complete the work. Purpose of Estimating: To give a reasonably accurate idea of the cost An estimate is necessary to give the owner a reasonably accurate idea of the cost to help him decide whether the works can be undertaken as proposed or needs to be curtailed or abandoned, depending upon the availability of funds and prospective direct and indirect benefits. A main purpose of cost estimate is for a feasibility decision, funding arrangement and making a bid or contract. An accuracy of estimate is depended on the details of input information. Like any industry, blame and accolades are an inevitable part of the electrical contracting business. Forecasting helps predict the future performance of projects. A cost estimate should document the purpose of the estimate, the program background and system description, its schedule, the scope of the estimate (in terms of time and what is and is not included), the ground rules and assumptions, all data sources, estimating methodology and rationale, the results of the risk analysis, and a conclusion about whether the cost estimate is reasonable. whether or not the project would be included in the funds available. The Estimates constitute the Government’s formal request to the Legislature for approval of the amounts involved. Estimates are required to invite tenders and quotations and to arrange the contracts. It is based on the past performance of the project and objective data. With this information in hand, you can guess future progress and find early indications of a deviation. How to use estimate in a sentence. The 2015-2016 Expenditure Estimates set out details of the operating and capital spending requirements of Ministries and Legislative Offices for the fiscal year commencing April 1, 2015. For government works …
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