Construction Cost Estimate 1
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How to fill out Construction Cost Estimate 1?
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FAQ
'The base cost estimate is the total of the building works estimate, main contractor's preliminaries estimate and main contractor's overheads and profit estimate, project/design team fee estimate and the other development/project costs estimate. The base cost estimate is to contain no allowances for risk or inflation.
The Rule of Six-tenths Approximate costs can be obtained if the cost of a similar item of different size or capacity is known. A rule of thumb developed over the years known as the rule of six-tenths gives very satisfactory results when only an approximate cost within plus or minus 20% is required.
The Rule of Two Method It is based on the premise that labor is about half of the material costs. Through historical data and industry knowledge, you estimate the labor cost then multiply it by two, add 10%, and you have a basic cost estimation.
There are four primary methods used to estimate construction costs. Those methods are known as Project Comparison Estimating or Parametric Cost Estimating, Area & Volume Estimating, Assembly & System Estimating, and Unit Price & Schedule Estimating.
The rule of two Given that between 40% and 50% of the average construction project's cost goes towards labor, you could estimate the entire project's budget by determining either the expected labor cost or the expected material cost.
When you're developing an estimate based on average industry pricing, you will need to take the following criteria into consideration: Quantity take off. Material prices. Labour rate. Labour hour. Subcontractor rates. Equipment costs. Contingencies. Indirect costs.
The rule of thumb is to take the $150/sq. ft. residential estimate and divide it in half, so you are left with approximately $75 each for labor and materials. Materials typically only fluctuate a little.
The American Society of Professional Estimators (ASPE) defines estimate levels in the reverse order as Level 1 ? Order (Range) of Magnitude, Level 2 ? Schematic/Conceptual Design, Level 3- Design Development, Level 4 ? Construction Document, and Level 5 ? Bid.>.? ACostE defines a Class I Estimate as definitive, a Class