Construction Estimating Terms
Estimating terms help teams move from drawings and assumptions to budgets, bids, forecasts, and cost control.
Search intent
Use this page when preparing estimates, reviewing budgets, comparing bids, or pricing changes.
Common use cases
- Building estimates
- Reviewing alternates
- Tracking allowances
- Pricing unit-rate work
Terms in this collection
12 linked definitions.
| Term | Meaning |
|---|---|
| Estimate | An estimate is a forecast of construction cost based on available information, assumptions, quantities, and pricing. |
| Quantity Takeoff | A quantity takeoff is the process of measuring quantities of work or materials from drawings, models, or field information. |
| Allowance | An allowance is a budgeted amount included in the contract for work or materials not fully defined at the time of pricing. |
| Alternate | An alternate is a separately priced option that may be accepted or rejected by the owner. |
| Contingency | Contingency is money or time reserved for unknowns, risks, or incomplete information. |
| Unit Price | A unit price is a cost per measured unit of work, such as dollars per square foot, cubic yard, or linear foot. |
| Rough Order of Magnitude | A rough order of magnitude is an early, high-level cost estimate made with limited information. |
| Budget Estimate | A budget estimate is a cost estimate used to set or test the project budget. |
| Cost Code | A cost code is a tracking code used to organize project costs by scope, activity, or work category. |
| Job Costing | Job costing is the process of tracking actual and projected costs against a specific construction project. |
| Labor Burden | Labor burden is the additional cost of labor beyond base wages. |
| Production Rate | Production rate is the amount of work completed per unit of time or labor. |
Related collections
Construction Payment TermsBilling, retainage, lien, invoice, schedule of values, and job cost terms used in construction payment workflows.Construction Procurement TermsProcurement terms for RFPs, RFQs, ITBs, bid packages, buyout, purchase orders, and long-lead items.Project Delivery TermsDelivery method, team structure, preconstruction, risk allocation, and contract strategy terms.