1 As builders complete work the actual costs for the project

1. As builders complete work, the actual costs for the project should become part of an historical database for the company. access to the costs for this project, along with that of all other past work, is a useful knowledge base for future estimates. Discuss the specific ways project costs should be captured to create this database.

2. It is often said that to complete a good estimate, an estimator needs to have completed a good schedule? Please provide comments.

Solution

(1)Answer:- Historical database of project is very useful in cost estimation of a new project. By help of old database we can calculate expected cost of construction of project.

Depending on the type and size of a project, as well as the industry, cost estimation may fall to one individual or a team, and estimators may hold a number of different positions. For some construction projects, contractors and subcontractors prepare the cost estimates, though this is not regarded as best practice. At other times, the construction salesperson will be responsible for creating an estimate. Architectural firms may have in-house estimators, typically people who take on the estimator’s function in addition to their primary role. Increasingly, however, qualified independent estimators handle estimates against which one verifies the contractor’s estimates.

(2) Answer:- Time is very important in estimation of project. Estimating of time is very important for good cost estimate of project.   Accurate time estimation is a crucial skill in project management. Without it, we would not know how long our project will take, and we won\'t be able to get commitment from the people who need to sign it off.