Project Scope & Data
Precisely determine the extent of what needs to be estimated. Gaining a comprehensive understanding of the project, task, or item that necessitates an accurate estimation.
Work Breakdown Structure (WBS):
To improve the accuracy of estimating a complex project, it is beneficial to divide it into smaller, more manageable tasks or components.
Rates & Final Estimate
Determine and apply appropriate rates or charges to the quantities that have been calculated. These may include unit rates for materials, labour fees, equipment costs, and overhead expenses.
Working out estimates for a project :
Estimation is a fundamental aspect of project management and decision-making across various fields, from construction to finance.
It involves the process of predicting or approximating future values based on available data and assumptions.
Accurate estimation is crucial for budgeting, resource allocation, risk assessment, and overall project success.