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The detailed
estimate includes determination of the quantities and costs of everything that
is required to complete the project. This includes materials, labour,
equipment, insurance, bonds, and overhead, as well as an estimate of the
profit. To perform this type of estimate, the contractor must have a complete
set of contract documents. Each item of the project should be broken down into its parts and estimated. Each piece of work that is to be performed by the
contractor has a distinct labour requirement that must be estimated. The items
that are to be installed by others need to be defined and priced. Caution needs
to be exercised to ensure that there is agreement between the contractor and
the specialty contractor as to what they are to do and whether they are to
install or supply and install the items. In addition, there needs to be an
agreement about who is providing support items such as cranes and scaffolding.
The contractor is responsible for making sure that the scope of work is divided
among the contractor and subcontractors so that there are no overlaps in the
individual scope of works and that everything has been included in someone’s
scope of work. The detailed estimate must establish the estimated quantities
and costs of the materials, the time required for and costs of labour, the
equipment required and its cost, the items required for overhead and the cost
of each item, and the percentage of profit desired, considering the investment,
the time to complete, and the complexity of the project. The principles used to
prepare the detailed estimates are covered in “Estimation in Building
Construction 7th edition” Chapters 4 and 6 through 20. For detail study follow
the link.
