Define estimate. Write its importance.

Estimate is the process of calculating or computing the various quantities and the expected expenditure to be incurred on a particular work or project. The estimate gives the probable cost of the work.

The primary objective of an estimate is to enable one to know the probable cost of the work before the completion of the project. If the estimate is prepared carefully and correctly there will not be much difference between estimated and actual cost.

Importance of Estimating

  1.  The estimate is necessary for fixing budget for the purposed project.
  1.  It is necessary for calculating the required quantities of materials labours for the project.
  1.  It is necessary to draw up a work schedule
  1.  It is necessary to fix up a complection period of the proposed project.
  1.  It is also helpful to check the works done by contractors during and after the execution.
  2.  It is required for preparing tender for the project.
  1.  It is necessary for the valuation of land and building.

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