Cost Estimating Approaches - 5

Detailed

• Sometimes known as a "Definitive" or "Pre-bid" estimate
• Estimate based on detailed information

  • As a result of detailed planning and design
• Considerable time and effort is required for this level of estimating
• The cost of this effort must be justified by the intent
• Results in a "definitive" or "tendering" estimate
• Target range: -5% to +10%

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