Explain the term cost estimation in construction projects


Problem: A construction company is planning to build a new office complex for a client. The client has provided the company with the design specifications and the project timeline. The construction company needs to provide an estimate of the total cost of the project, including labour, materials, equipment, and other expenses. A) Briefly explain the term cost estimation in construction projects. (20-50 words) B) Provide a brief description about the following cost estimation techniques used in construction projects: • Analogous Estimating • Bottom-Up Estimating • Parametric Estimating • Three-Point Estimating (50-100 words) C) List down six factors that should be considered when estimating the cost of a construction project.

 

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