Estimating and costing in civil engineering are closely related. The estimate is the process of calculating the various quantities and expected expenditures on a particular project. Costing is the process of calculating the overall cost of a project taking into account all aspects such as labor, material, equipment costs, and taxes.
Types of estimations:
Types of estimation in civil engineering are as follows
- Plinth area
- Unit rate
- Cube rate
- Item rate
- Annual repair
- Extension and improvement
Importance of estimating and costing:
Construction companies need to estimate the cost of their projects, it is not an easy task. Estimating and costing brings several advantages with them which simplifies the task of construction. It is crucial to know the approximate size and scope of the project, as well as all the materials or labor that may be required. The estimate is essential for fixing the budget for the desired project. It helps in calculating the required quantities of materials and laborers for the project. A work schedule can be made.
Estimating in civil engineering aids in fixing up the completion period of the project. It also helps to check the work done by the contractors during and after the implementation. It is required for preparing tenders for the project and the for the valuation of land and building.
Purpose of estimating and costing:
The purpose of estimate in civil engineering is of paramount importance. Estimating is the method of determining the cost of a project by considering aspects such as labor, material, equipment, etc. It is difficult to determine the cost of a project without estimating first.
Estimation is performed to find out about the cost of a project, whereas costing is done to find out about the cost of a single item of work. Estimation is crucial to know whether a project is worth pursuing or not. Cost estimation doesn’t take into account depreciation, which makes it unreliable.
It helps build trust with clients, with the help of estimating and costing, the clients will know what is involved in the job and what the expense will be. With the advancement of technology, many software tools are available that help with this process.
Estimating sets a proactive approach to budgeting. It helps in avoiding cost overruns and sets deadlines for the team. You can hire a professional civil construction estimator to get the estimating work done.
Difference between estimating and costing:
|1||Estimating is the method of calculating the cost of a structure||Costing is the actual cost of the project or any other structure.|
|2||Estimating is performed before and during the planning of the job||Costing is done after finishing the project|
|3||It is not an exact value, it may vary.||It provides us with the exact expenses and value of the project|
|4||Estimating enhances the thinking skills of the engineers||It improves the calculating skill of the evaluator|
|5||Estimation is performed according to the survey of the products for different jobs.||Costing is performed according to the actual products of the project|
|6||It requires more skill and expertise to get a more precise cost of the project||It doesn’t require that much skill and expertise because it consists of the calculation of existing products|
|7||It requires more time||It requires less time|
|8||Estimation may fail due to inconsistent unit prices of the project’s materials.||It can’t vary as it consists of calculation of existing and bought materials|
To sum it up:
If you want to build a reputation and get many clients you need to work on the estimation and costing in civil engineering. These two are critical for determining a suitable project budget. The more precise the estimator, the better it is for the project.