Feasibility and budget estimates are prepared with minimal information, usually verbal descriptions and rough sketches. These estimates are prepared with as little as one day turnaround time. They typically consist of five to six pages of information.
When we prepare an estimate, we work with all of the information that is available and produce an estimate with the highest level of detail that the information allows. At the feasibility stage of design, there is very little detail, so the estimate would use more of the cost per square foot type of approach. This would be broken out into the different divisions of work and the material types that are assumed.
When the design is further along, we have to include the additional information that is presented into the estimate. If a feasibility or budget estimate is prepared on this level of design, then the estimate will not have an accurate cost basis for the project, and could get the project in trouble.
Oh, by the way… Here is a link to some sample estimates that you may find helpful.
Filed under: Construction, Estimating Process & Help Tagged: budget estimate, Construction design, design phase, Estimate, estimating help, estimating process, estimator, feasibility estimate
