What does estimate mean in construction?
Short definition
An estimate is a forecast of construction cost based on available information, assumptions, quantities, and pricing.
Longer explanation
Estimates become more detailed as design progresses and may be used for budgeting, decision-making, bidding, or change evaluation.
Example in context
“The project team reviewed the estimate during the construction phase.”
Common users
- Owners
- Architects
- Contractors
- Construction managers
Related terms
Related resources
Construction Estimating TermsEstimating, takeoff, pricing, contingency, allowance, unit price, budget, and job cost terms.Allowance vs ContingencyLearn the difference between an allowance and contingency in construction pricing.MasterFormat vs UniFormatCompare two CSI classification systems used for specifications, estimating, and construction information.Construction Estimating ProcessHow construction estimates move from scope review and takeoff to pricing, risk, and final review.