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Types of Estimates - Coggle Diagram
Types of Estimates
Control Estimate
Measures progress
Monitoring project during construction
Making sure they align with approved budget
Regular financial reports
Updates on expenditure
Track financial performance and make informed decisions
Tender Estimate
Prepare tender
The tender is accepted by client
Tender bid by contractor
It is the cost of all construction base things
Might exclude design (not always)
Proposal Estimates
Appraise viability to start feasibility study
Pre-proposal initiation
Document submitted by contractor team
Includes details of projects (costs and objectives)
Sanction Estimate
Appraise viability to start project
Obtain funding and allocate resources
Obtaining formal authorization to proceed
Ensure financial justification and support
Budget Estimate
Appraise viability to start design
Proposal of costs
Includes labor material (equipment and overheads)