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Rough Estimate

a.k.a. Ball Park Estimate or Rough order of magnitude

an amount that you guess or calculate using the information available.
An approximate estimate is an approximate or rough estimate prepared to obtain an approximate
cost in a short time. For certain purposes the use of such methods is justified.

Considerations in Rough Estimation:

Timing of Use
A rough order of magnitude is used to determine whether a project is generally feasible quite a
bit prior to the project, while an estimated cost is used toward the beginning of the project.

Level of Detail
Rough order of magnitude takes into consideration top-level general estimates. A rough order
of magnitude could look at what a similar project cost in the past.

Variance
A rough order of magnitude could be a variance of as much as 100 percent, because it's more
of a guesstimate than relying on a list of specific costs.

Time to Complete
Depending on the project, an estimated cost basis for a project could take several weeks to
complete. The estimate is based on more detail, specific equipment and cost analysis. A rough
order of magnitude could take less than a day.

Sample No. 1 of Rough Estimation (comparison of rough estimation and estimated cost)

For example, a construction company could estimate in a rough order of magnitude

that a two-story home would cost $250,000 to build. An estimated cost basis for a two-story
house would specify the building materials used -- wood frame or block, the level of
customization, the interior flooring -- tile or carpeting, kitchen appliances -- standard or top of
the line -- and so forth. That estimate is more complicated and specific, so it takes more time
to complete than a rough-order-of-magnitude estimate.

Sample No. 2 of Rough Estimation

This is based on a formula which is accepted by Architects and Builders in the Philippines.
The formula put simply, is this:

To estimate the minimum of a house, multiply the floor area by P12,000.00 to P16,000.00 to
P20,000.00 to P32,000.00

For example:
50sq.m x P12,000.00/sq.m = P600,000.00
50sq.m x P16,000.00/sq.m = P800,000.00
50sq.m x P20,000.00/sq.m = P1,000,000.00

Hence, the minimum cost of the house will be P12,000.00 this includes the cost of labor and
materials. For a house constructed as a liveable shall be the cost maybe estimate at
P12,000.00 per sq.m in this case a 50sq.m house at P12,000.00 per sq.m would be
P600,000.00 to build
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Detailed Estimate

A forecast of the cost to construct a project, based on unit prices of materials, labor, and equipment,
in contrast to a parameter estimate or square-foot estimate.
A detailed estimate of the cost of a project is prepared by determining the quantities and costs of
everything that a contractor is required to provide and do for the satisfactory completion of the work.
It is the best and most reliable form of estimate. A detailed estimate may be prepared in the
following two ways.

(a) Unit Quantity Method

The work is divided into as many operations or items as are required. A unit
of measurement is decided. The total quantity of work under each item is taken out in the
proper unit of measurement. The total cost per unit quantity of each item is analyzed and
worked out. Then the total cost for the item is found by multiplying the cost per unit quantity
by the number of units. For example, while estimating the cost of a building work, the
quantity of brickwork in the building would be measured in cubic meters. The total cost
(which includes cost of materials. labor, plant, overheads and profit) per cubic meter of
brickwork would be found and then this unit cost multiplied by the number of cubic meters
of brickwork in the building would give the estimated cost of brickwork.

This method has the advantage that the unit costs on various jobs can be readily compared
and that the total estimate can easily be corrected for variations in quantities.

(b) Total Quantity Method

In the total quantity method, an item of work is divided into the following five subdivisions:

(I) Materials

(II) Labor

(III) Plant

(IV) Overheads

(V) Profit.

Sample of Detailed Estimate

Number Cost Component Cost

I ( i ) Cost of Materials at the source P
Bricks P
Sand P
Cement P
Water P
(ii) Cost of Handling and transporting above materials P
II Cost of Labor, both skilled and unskilled P
III Cost of plant P
IV Overheads P
V Profit P
Total Cost of Brickwork P
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Quantity Estimate

other idea is Quantity Take-off (QTO)

measured amounts of construction items expressed in their customary units.
detailed measurement of materials and labor needed to complete a construction project.

Take Note:

The quantity of material in a project can be accurately determined from the drawings. The
estimator must review each sheet of the drawings, calculate the quantity of material and record
the amount and unit of measure. Each estimator must develop a system of quantity takeoff that
ensures that a quantity is not omitted or calculated twice. A well-organized check-list of work will
help reduce the chances of omitting an item.

Sample No. 1 of Quantity Estimate

Reinforcement Quantity Take-off for SLABS

L Quant D.
Elem. Description Sketch Length(L*n)
(m) (n)

1 upper x 42 24 105.98 10

lower x 4.33 25 108.25 10

lower y 93 16 78.88 8

addi-tional 0.81 15 12.14 8

additional 0.81 15 12.14 8

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Sample No. 2 for Quantity Estimate

Concrete Estimation

Concrete Quantity Estimation

Computing for Volume

Beams Slabs
S(1): 4.40m x 5.00m x 0.18m = 3,96m3
(2) b1, b2: 2 x [(5.00m - 2 x 0.40m) x 0.30m x 0.32m] = 0.81m3
(3) C1, C2, C3, C4: 4 x (0.40m x 0.40m x 0.32m) = 0.20m3

Total = 4,97 m3

Columns
(4) C1, C2, C3, C4: 4 x (0.40m x 0.40m x 2.50m) = 1,60 m3
 Page 5 of 15

Unit Based Estimate

The unit method estimating consists of choosing a standard unit of accommodation and
multiplying an approximate cost per unit. Estimate the building cost base on the depends on the
population unit.

Unit Method Estimate = Standard units of accommodation x Cost/Unit

Using unit method estimating method can generate a rough estimate quickly, but the lack of
accuracy will render it of little use in the cost planning procedure outlined earlier.
Used to determine the very first notion of a price in early discussions of a project and as a crude
means of comparing the known costs of different buildings.

Sample for Unit Based Estimate

Schools Costs per pupil place

Hospitals Costs per bed place
Roads Per Kilometers
Car parks Costs per car space

NGO will build a house for 1500 widows who are affected by natural disaster. Estimate the
total cost to build houses. From a suitable cost data. The cost is $7500 for a house.

Total Cost = Standard units of accommodation x Cost/Unit

=1,500 widows $7,500

TOTAL COST=$11, 250, 000

Model Estimate

Cost estimation models are mathematical algorithms or parametric equations used to estimate
the costs of a product or project.
The results of the models are typically necessary to obtain approval to proceed, and are factored
into business plans, budgets, and other financial planning and tracking mechanisms.

Models typically function through the input of parameters that describe the attributes of the product or
project in question, and possibly physical resource requirements. The model then provides as output
various resources requirements in cost and time. Some models concentrate only on estimating project
costs (often a single monetary value). Little attention has been given to the development of models for
estimating the amount of resources needed for the different elements that comprise a project.

Other models are used to calculate costs of equipment, which provides more accuracy than
models on a project level. Usage of these models is dependent on required accuracy and the
phase of the project and its estimate.

Cost modeling practitioners often have the titles of cost estimators, cost engineers, or parametric
analysts.

Typical applications include:

Construction
Software Development
 Page 6 of 15

Manufacturing
New product development

Parametric Estimate

Parametric estimating, a more accurate technique for estimating cost and duration, uses the
relationship between variables to calculate the cost or duration.
Essentially, a parametric estimate is determined by identifying the unit cost or duration and the
number of units required for the project or activity.
The measurement must be scalable in order to be accurate.
parametric rates come from sources published by large reputable organizations, the rates are seen
as very reliable.

Take Note:
Parametric is more accurate, specifically when the underlying data is scalable. Parametric
uses a relationship between variables (a unit cost/duration and the number of units) to
develop the estimate.
Parametric estimating is successful for often-repeated tasks

Sample No. 1 of Parametric Estimate (time and work)

For example, if it took me two hours to mow my one-acre yard last week and this week Im mowing
four acres, I could estimate that it will take eight hours to mow.

However, if the first one hour was spent transporting my tractor and preparing it to mow, the estimate
would need to be scaled appropriately: 1 hour for transporting and then four hours to mow, for a total
of five hours.

Sample No. 2 of Parametric Estimate (time and work)

You could also use parametric estimating if published rates were available to estimate the hours of
work required to paint one of the offices. You would look up the specifications for an office with 12-
foot ceilings. You might paint it with a latex paint after first putting down a primer. You would look up
the rate in a published estimating book and find that each linear foot of wall in this office would require
.25 hours of labor. If you had 2,000 linear feet, you would estimate the work at 500 hours (2,000 x
.25 = 500).

Project Comparison Estimate

A.k.a. Analogous Estimate
A comparison estimation is a fairly accurate cost estimation method. In it, an analogy is made
between the project at hand and projects that were assigned of a similar nature in the past.

This can give a project manager a slight edge in that s/he can usually improve on past project goals s/he's
achieved by fixing problems earlier on in the working process. Weaker workers can be assigned to different
aspects of production, and futile working arrangements can be fixed.

Sample No. 1 of Project Comparison Estimate

John sold his apartment and purchased another one. It is now time to plan for the move. John
asked a friend for advice about the cost of his move. His friend replied, I moved from an apartment
a little smaller than yours last year and the distance was about the same. I did it with a 14-foot truck.
It cost about $575 for the truck rental, pads, hand truck, rope, boxes, and gas. Because of the
similarity of the projects, Johns initial estimate of the cost of the move was less than $700 so he
decided that the cost would be affordable and the project could go forward.
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Sample No. 2 of Project Comparison Estimate

A colleague, who built a fence last month tells you that their fence cost about $5,000 (excluding
the fence posts) for a fence that was 100 feet long. Thus, since your fence is half as long, it would
cost roughly $2,500.

Bid Estimates
A Bid is a price submitted to perform a task.
This is probably based on an estimate, but takes many other factors into account.
It includes either profit or a market margin (which may be negative), and reflects the interest that
the bidder has in the task.
It also includes the risk the bidder wishes to take.

A bidders job is to be awarded a task for as big a difference between the bid and the estimate
(++margin) as possible.

The contractor's bid estimates often reflect the desire of the contractor to secure the job as well as
the estimating tools at its disposal. Some contractors have well established cost estimating procedures
while others do not. Since only the lowest bidder will be the winner of the contract in most bidding contests,
any effort devoted to cost estimating is a loss to the contractor who is not a successful bidder. Consequently,
the contractor may put in the least amount of possible effort for making a cost estimate if it believes that its
chance of success is not high.

If a general contractor intends to use subcontractors in the construction of a facility, it may solicit price
quotations for various tasks to be subcontracted to specialty subcontractors. Thus, the general
subcontractor will shift the burden of cost estimating to subcontractors. If all or part of the construction is to
be undertaken by the general contractor, a bid estimate may be prepared on the basis of the quantity
takeoffs from the plans provided by the owner or on the basis of the construction procedures devised by
the contractor for implementing the project.

For example, the cost of a footing of a certain type and size may be found in commercial publications on
cost data which can be used to facilitate cost estimates from quantity takeoffs. However, the contractor may
want to assess the actual cost of construction by considering the actual construction procedures to be used
and the associated costs if the project is deemed to be different from typical designs. Hence, items such as
labor, material and equipment needed to perform various tasks may be used as parameters for the cost
estimates.

Sample of Bid Estimates

Example 5-3: Example of engineer's estimate and contractors' bids

The engineer's estimate for a project involving 14 miles of Interstate 70 roadway in Utah was
$20,950,859. Bids were submitted on March 10, 1987, for completing the project within 320 working
days. The three low bidders were:

1. Ball, Ball & Brosame, Inc., Danville CA $14,129,798

2. National Projects, Inc., Phoenix, AR $15,381,789
3. Kiewit Western Co., Murray, Utah $18,146,714
It was astounding that the winning bid was 32% below the engineer's estimate. Even the third lowest
bidder was 13% below the engineer's estimate for this project. The disparity in pricing can be attributed
 Page 8 of 15

either to the very conservative estimate of the engineer in the Utah Department of Transportation or to
area contractors who are hungrier than usual to win jobs.

The unit prices for different items of work submitted for this project by (1) Ball, Ball & Brosame, Inc. and
(2) National Projects, Inc. are shown in Table 5-2. The similarity of their unit prices for some items and
the disparity in others submitted by the two contractors can be noted.

TABLE 5-2: Unit Prices in Two Contractors' Bids for Roadway Construction

Items Unit price

Unit Quantity
1 2
Mobilization ls 1 115,000 569,554
Removal, berm lf 8,020 1.00 1.50
Finish subgrade sy 1,207,500 0.50 0.30
Surface ditches lf 525 2.00 1.00
Excavation structures cy 7,000 3.00 5.00
Base course, untreated, 3/4'' ton 362,200 4.50 5.00
Lean concrete, 4'' thick sy 820,310 3.10 3.00
PCC, pavement, 10'' thick sy 76,010 10.90 12.00
Concrete, ci AA (AE) ls 1 200,000 190,000
Small structure cy 50 500 475
Barrier, precast lf 7,920 15.00 16.00
Flatwork, 4'' thick sy 7,410 10.00 8.00
10'' thick sy 4,241 20.00 27.00
Slope protection sy 2,104 25.00 30.00
Metal, end section, 15'' ea 39 100 125
18'' ea 3 150 200
Post, right-of-way, modification lf 4,700 3.00 2.50
Salvage and relay pipe lf 1,680 5.00 12.00
Loose riprap cy 32 40.00 30.00
Braced posts ea 54 100 110
Delineators, type I lb 1,330 12.00 12.00
type II ea 140 15.00 12.00
Constructive signs fixed sf 52,600 0.10 0.40
Barricades, type III lf 29,500 0.20 0.20
Warning lights day 6,300 0.10 0.50
Pavement marking, epoxy material
Black gal 475 90.00 100
Yellow gal 740 90.00 80.00
White gal 985 90.00 70.00
Plowable, one-way white ea 342 50.00 20.00
Topsoil, contractor furnished cy 260 10.00 6.00
Seedling, method A acr 103 150 200
Excelsior blanket sy 500 2.00 2.00
Corrugated, metal pipe, 18'' lf 580 20.00 18.00
Polyethylene pipe, 12'' lf 2,250 15.00 13.00
Catch basin grate and frame ea 35 350 280
Equal opportunity training hr 18,000 0.80 0.80
Granular backfill borrow cy 274 10.00 16.00
Drill caisson, 2'x6'' lf 722 100 80.00
Flagging hr 20,000 8.25 12.50
Prestressed concrete member
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type IV, 141'x4'' ea 7 12,000 16.00

132'x4'' ea 6 11,000 14.00
Reinforced steel lb 6,300 0.60 0.50
Epoxy coated lb 122,241 0.55 0.50
Structural steel ls 1 5,000 1,600
Sign, covering sf 16 10.00 4.00
type C-2 wood post sf 98 15.00 17.00
24'' ea 3 100 400
30'' ea 2 100 160
48'' ea 11 200 300
Auxiliary sf 61 15.00 12.00
Steel post, 48''x60'' ea 11 500 700
type 3, wood post sf 669 15.00 19.00
24'' ea 23 100 125
30'' ea 1 100 150
36'' ea 12 150 180
42''x60'' ea 8 150 220
48'' ea 7 200 270
Auxiliary sf 135 15.00 13.00
Steel post sf 1,610 40.00 35.00
12''x36'' ea 28 100 150
Foundation, concrete ea 60 300 650
Barricade, 48''x42'' ea 40 100 100
Wood post, road closed lf 100 30.00 36.00

Control Estimates

Both the owner and the contractor must adopt some base line for cost control during the construction. For
the owner, a budget estimate must be adopted early enough for planning long term financing of the facility.
Consequently, the detailed estimate is often used as the budget estimate since it is sufficient definitive to
reflect the project scope and is available long before the engineer's estimate. As the work progresses, the
budgeted cost must be revised periodically to reflect the estimated cost to completion. A revised estimated
cost is necessary either because of change orders initiated by the owner or due to unexpected cost overruns
or savings.

For the contractor, the bid estimate is usually regarded as the budget estimate, which will be used for control
purposes as well as for planning construction financing. The budgeted cost should also be updated
periodically to reflect the estimated cost to completion as well as to insure adequate cash flows for the
completion of the project.

Sample of Control Estimates

Example 5-2: Screening estimate of a grouting seal beneath a landfill

One of the methods of isolating a landfill from groundwater is to create a bowl-shaped bottom seal
beneath the site as shown in Figure 5-0. The seal is constructed by pumping or pressure-injecting
grout under the existing landfill. Holes are bored at regular intervals throughout the landfill for this
purpose and the grout tubes are extended from the surface to the bottom of the landfill. A layer of
soil at a minimum of 5 ft. thick is left between the grouted material and the landfill contents to allow
for irregularities in the bottom of the landfill. The grout liner can be between 4 and 6 feet thick. A
typical material would be Portland cement grout pumped under pressure through tubes to fill voids
in the soil. This grout would then harden into a permanent, impermeable liner.
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Figure 5-1: Grout Bottom Seal Liner at a Landfill

The work items in this project include (1) drilling exploratory bore holes at 50 ft intervals for grout tubes,
and (2) pumping grout into the voids of a soil layer between 4 and 6 ft thick. The quantities for these two
items are estimated on the basis of the landfill area:

8 acres = (8)(43,560 ft2/acre) = 348,480 ft2

(As an approximation, use 360,000 ft2 to account for the bowl shape)

The number of bore holes in a 50 ft by 50 ft grid pattern covering 360,000 ft2 is given by:

The average depth of the bore holes is estimated to be 20 ft. Hence, the total amount of drilling is
(144)(20) = 2,880 ft.

The volume of the soil layer for grouting is estimated to be:

for a 4 ft layer, volume = (4 ft)(360,000 ft2) = 1,440,000 ft3

for a 6 ft layer, volume = (6 ft)(360,000 ft2) = 2,160,000 ft3

It is estimated from soil tests that the voids in the soil layer are between 20% and 30% of the total
volume. Thus, for a 4 ft soil layer:

grouting in 20% voids = (20%)(1,440,000) = 288,000 ft3

grouting in 30 % voids = (30%)(1,440,000) = 432,000 ft3

and for a 6 ft soil layer:

grouting in 20% voids = (20%)(2,160,000) = 432,000 ft3

grouting in 30% voids = (30%)(2,160,000) = 648,000 ft3
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The unit cost for drilling exploratory bore holes is estimated to be between $3 and $10 per foot (in 1978
dollars) including all expenses. Thus, the total cost of boring will be between (2,880)(3) = $ 8,640 and
(2,880)(10) = $28,800. The unit cost of Portland cement grout pumped into place is between $4 and $10
per cubic foot including overhead and profit. In addition to the variation in the unit cost, the total cost of the
bottom seal will depend upon the thickness of the soil layer grouted and the proportion of voids in the soil.
That is:

for a 4 ft layer with 20% voids, grouting cost = $1,152,000 to $2,880,000

for a 4 ft layer with 30% voids, grouting cost = $1,728,000 to $4,320,000
for a 6 ft layer with 20% voids, grouting cost = $1,728,000 to $4,320,000
for a 6 ft layer with 30% voids, grouting cost = $2,592,000 to $6,480,000

The total cost of drilling bore holes is so small in comparison with the cost of grouting that the former can
be omitted in the screening estimate. Furthermore, the range of unit cost varies greatly with soil
characteristics, and the engineer must exercise judgment in narrowing the range of the total cost.
Alternatively, additional soil tests can be used to better estimate the unit cost of pumping grout and the
proportion of voids in the soil. Suppose that, in addition to ignoring the cost of bore holes, an average value
of a 5 ft soil layer with 25% voids is used together with a unit cost of $ 7 per cubic foot of Portland cement
grouting. In this case, the total project cost is estimated to be:

(5 ft)(360,000 ft2)(25%)($7/ft3) = $3,150,000

An important point to note is that this screening estimate is based to a large degree on engineering
judgment of the soil characteristics, and the range of the actual cost may vary from $ 1,152,000 to $
6,480,000 even though the probabilities of having actual costs at the extremes are not very high.

____________________________________________________________________________________

Calculate Contingency

When performing a cost risk analysis study, one of the key results is the amount of extra monetary
resources that is to be added to the project cost baseline to guarantee that the budget is not exceeded at
a certain confidence level. Good project risk management strategies must take this into account.

Contingency Cost

Cost contingency is a reserved fund that is added to a base cost estimate to account for cost
uncertainty. It is the estimated cost of known-unknowns risks that can affect the project.

Construction Cost

Expense incurred by a contractor for labor, material, equipment, financing, services, utilities, etc., plus
overheads and contractor's profit. Costs such as that of land, architectural design, consultant and
engineer's fee are not construction costs.

Overhead Cost

The indirect costs or fixed expenses of operating a business (that is, the costs not directly related to the
manufacture of a product or delivery of a service) that range from rent to administrative costs to marketing
costs. Overhead refers to all non-labor expenses required to operate your business.
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Contingency Allowance

The contingency allowance is the time allocated during planning for unscheduled events. Technical and
personal disruptions result in changes in the indirect production costs. The contingency allowance is
calculated in special contingency time studies, the results of which yield rates for indirect production costs.

Contingency Budget

A contingency budget is money set aside to cover unexpected costs during the construction
process. This money is on reserve and not allocated to one area of the work, and simply insurance against
other costs.

Overhead Cost Allowance

Manufacturing Overhead Budget Definition. The manufacturing overhead budget contains all
manufacturing costs other than the costs of direct materials and direct labor (which are itemized separately
in the direct materials budget and the direct labor budget).

Contingency in Construction

Contingencies are downside risk estimates that make allowance for the unknown risks associated
with a project.
Typically, contingencies refer to costs, and are amounts that are held in reserve to deal with
unforeseen circumstances. However, they may also refer to other aspects of the project, for
example, the program may include a contingency where it is important that a specific completion
date is achieved.
A contingency may also refer to part of a contingency plan, that is a plan than can be enacted to
mitigate project risks, such as adverse weather, an industrial dispute, supplier failure and so on.
Monetary contingencies are typically referred to in relation to the overall client for a project.
However, other parties in the supply chain are also likely to include contingencies in their cost
planning.

Whilst it is advisable for clients to hold a contingency, they might not wish to share this information with the
rest of the project team, who may see a contingency as a license to exceed the budget in the knowledge
that the client has a reserve that can be spent.

Contingencies are often expressed in terms of percentages. The percentage contingencies applied are at
their greatest in the early stages of the project when there are the greatest number of possible risks. But
they can then be reduced as better particulars about the project become available and some risks have
passed or been overcome.

Sample of Reducing Contingency

At the preliminary business plan stage, total cost estimates might include a 15% contingency.

In the elemental cost plan this might reduce to 10% of fees and construction costs.

On awarding the contract, 5% of the contract value might be included as contingency in the cost
plan.

In addition to a contingency, the client is likely to hold retention. Retention is a percentage (often
5%) of the amount certified as due to the contractor on an interim certificate, that is deducted
from the amount due and retained by the client. The purpose of retention is to ensure that the
contractor properly completes the activities required of them under the contract. Retention can
also be applied to nominated sub-contractors, and the main contractor may also apply retention
to domestic sub-contractors.
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Allowance in Construction

In construction, an allowance is an amount specified and included in the construction contract (or
specifications) for a certain item of work (e.g., appliances, lighting, etc.) whose details are not yet
determined at the time of contracting.

The establishment of cash allowances in construction contracts is a convenient method of

allocating construction funds to portions of the work that cannot be specified with sufficient
particularity for competitive bidding at the time of contracting.

This includes primarily items that have not yet been selected pending the availability of new models
or the arrival of updated catalogs. In some cases, the owner has not as yet established definite
criteria for certain equipment or furnishings, but this should not preclude proceeding with general
construction. It also includes items of superficial or decorative nature that will be selected at a later
time when colors, textures, furniture, and interior designs are more definitely established.

The types of purchases most frequently encountered as cash allowances are those such as finish
hardware, lighting fixtures, special equipment, graphics, building signage, floor coverings, window
treatment, and wall coverings. It is a flexible way of including in the contract items that are not yet
designed, chosen, or specified. Allowances are practical for work of indefinite scope or where the
quality, configuration, and other specific characteristics have not as yet been determined.
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Summary and Conclusion

The research defined some estimating-related terms used to determine various cost of
materials, labor and time given at work as well. These can help organize the management of construction
projects in construction business firms. It does not only organize but also, gives fairness in monetary
distribution to owner/clients, laborers and other indirect cost/fees. The estimation part of the research has
different details on how construction and its contents are specifically or approximately estimated. Some of
the methods of estimation are roughly estimated, specifically estimated, analogically estimated.

The cost side of the estimation was complex to understand especially when knowledge on
business and how everything systematically works is limited. Identifying different costs in estimation can
lessen the hassle of monetary problems during the progression of the project. Identifying costs give
assurance on how much money to be given with additional concern for the contingency costs in
construction. There are different percentage of fees to be taken as an allowance for extra materials needed,
rents, labor, equipment and many more construction elements. These costs are what makes the project
keep going and as long as payments are due and standard fees are met then, the project will successfully
carry on.

In conclusion, Cost and Estimation must work together during the phases in construction.
The accuracy in the estimation made might save the client and laborers time, money and work a.k.a. the
cost dedicated to the project itself. Also, cost can be predicted through several algorithms and/or formula
but, theres no assurance that additional fees will be present amidst contingencies occurring in the
construction firm business.
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Sources

Rough Estimate:
https://www.pinoyexchange.com/forums/showthread.php?t=460279
http://smallbusiness.chron.com/difference-between-estimated-costs-rough-order-magnitude-80955.html
Detailed Estimate:
https://www.constructiontuts.com/unit-method-estimating/
https://www.misronet.com/estimating.htm
Quantity Estimate:
http://www.buildinghow.com/en-us/Products/Books/Volume-A/Quantity-Cost-estimation/Concrete-quantity-take-off
Unit Based Estimate:
https://www.constructiontuts.com/unit-method-estimating/
Model Estimate, Parametric Estimate:
https://www.linkedin.com/pulse/20141107215651-36477877-analogous-vs-parametric-estimating
https://4pm.com/2017/10/15/parametric-estimating
Project Comparison Estimate:
http://www.brighthubpm.com/project-planning/53688-comparing-cost-estimation-methods/
http://www.projectengineer.net/analogous-estimating/
Bid Estimates:
https://sites.google.com/site/mullsengineeringmanagement/articles/three-methods-of-engineering-
estimation/estimate-vs-bid
http://pmbook.ce.cmu.edu/05_Cost_Estimation.html
Control Estimates:
http://pmbook.ce.cmu.edu/05_Cost_Estimation.html

Calculate Contingency, Contingency Cost, construction Cost:

https://www.projectcontrolacademy.com/cost-contingency/
Overhead Cost
https://www.entrepreneur.com/encyclopedia/overhead
Contingency Allowance
www.businessdictionary.com/definition/contingency-allowance.html
Contingency Budget
https://www.projectcontrolacademy.com/cost-contingency/
Overhead cost Allowance
https://www.ventureline.com/accounting-glossary/O/overhead-budget-definition/
Contingency in Construction
https://www.designingbuildings.co.uk/wiki/Contingencies_in_construction
Allowance in Construction
http://www.dcd.com/oleary/oleary_mayjun_2008.html