Estimate
An approximation of the cost and resources needed to complete a construction project or part of it.
Estimates are predictions of project costs based on current data and assumptions, critical for budgeting, decision-making, and securing funding, requiring regular updates and adjustments as the project progresses.
Used in a sentence
The initial estimate provides a projected cost for the project, helping guide budgeting and financial planning.
Synonyms/variation
Cost Estimate
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Preconstruction Partnerships: How Safety Pros Can Collaborate with Estimating & Proposal Teams
Construction leaders and safety professionals are developing a strong understanding of how safety programs positively impact project outcomes. When safety is woven into every aspect of operations from pre-construction to post-completion, projects are safer — and that means they are more cost-effective and efficient. Safety can be incorporated into operations during the preconstruction phase — […]
Estimate vs. Budget: Tools to Guide Construction Financial Planning
Whether building a residential home, a commercial complex or a large-scale infrastructure development, understanding and managing costs is key to completing a project on time and within financial limits. Effective financial planning allows project managers to handle unexpected challenges and maintain client trust. Two primary tools in financial planning for construction are the estimate and […]
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