Glossary ยท E
Estimation
The costing step that turns drawings into quantities of material, labour and machinery, priced to forecast a project's budget.
What is Estimation?
Estimation is the process of working out, from drawings and specifications, the quantities of material, labour hours, machinery time and overheads a project needs, then pricing them at current market rates to forecast the project budget.
Practical example
Before bidding on a hospital project, an estimator reviews the structural drawings. The estimator calculates the square footage of formwork, the tonnage of rebar and the volume of concrete, then applies local labour rates and material costs. The result is a pre-tender estimate that shows what price the contractor can bid and still make a profit.
In SuperWise
In SuperWise the Project BOQ holds the quantities and rates of a project. In the BOQ playground a team enters the quantity of each item and either types a rate or builds it up in a rate analysis of materials, labour and machinery, with a wastage percentage. Once committed, the BOQ items become available for work orders, RFP scope and RA bills.
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