General Introduction Of Estimation

1.1 DEFINITION OF ESTIMATING AND COSTING
Estimating is the technique of calculating or Computing the various quantities and the expected Expenditure to be incurred on a  particular work or project. In case the funds avilable are less than the estimated cost the work is done in part or by reducing it or specifications are altered, the following requirement are necessary for preparing an estimate.
a ) Drawings like plan, elevation and sections of important points.
b) Detailed specifications about workmenship & properties of materials etc.
 c) Standard schedule of rates of the current year.

1.2 NEED FOR ESTIMATION AND COSTING
1. Estimate give an idea of the cost of the work and hence its feasibility can be determined i..e whether the project could be taken up with in the funds available or not.
2. Estimate gives an idea of time required for the completion of the work.
3. Estimate is required to invite the tenders and Quotations and to arange contract.
 4. Estimate is also required to control the expenditure during the execution of work.
 5. Estimate decides whether the proposed plan matches the funds available or not.

1.3 PROCEDURE OF ESTIMATING OR METHOD OF ESTIMATING. Estimating involves the following operations
1. Preparing detailed Estimate.
 2. Calculating the rate of each unit of work
3. Preparing abstract of estimate