ESTIMATING AND COSTING

 Define Estimate :-

It is process of calculating the quantities and cost of the various items required in connection with the work for its satisfactory completion.

Purpose of Eastimating :- 

1. To know the approximate cost of proposed work.
2. To fix up the completion period.
3. To obtain administrative approval and technical sanction.
4. To know the requirement of plants, tools and equipments.
5. To invite tenders.
6. Valuation to know value of property.
7. To draw up a construction schedule  and programme.
8. To keep control over expenditure during construction. 

Define Costing:-

It is the process of determining the actual cost of work before the execution of work.

Purpose of Costing :- 

1.  For valuation of existing property.
2. To arrange the finance for proposed work.
3. To know the probable cost of project before the execution.
4. To know the cost of various item , well in advance , to be constructed.