.

Furthermore, what is a detailed estimate?

A detailed estimate is a a cost of all the activities and materials that would be used in finishing the project. It differs from an initial /rough cut estimate by the mere depth of detailing. It is usually done after finalizing the drawings.

Likewise, what is approximate estimate? An approximate estimate is an approximate or rough estimate prepared to obtain an approximate cost in a short time. For certain purposes the use of such methods is justified. For example, while estimating the cost of a building work, the quantity of brickwork in the building would be measured in cubic meters.

Similarly, you may ask, what are types of estimates?

There are five types of estimates based on accuracy:

• Order of Magnitude. Also called Rough Order of Magnitude (ROM) or Rough Cost Estimate, or Conceptual Estimate, this type of estimate is used for project screening, or deciding which among several projects to proceed with.
• Feasibility.
• Preliminary.
• Substantive.
• Definitive.

How do you prepare an estimate?

Methods of Detailed Construction Estimation Preparation

1. i) Details of measurements and calculation of quantities:
2. Details of measurements form.
3. ii) Abstract of Estimated Cost:
4. Abstract of Estimate Form.
5. The detailed estimate should be accompanied with:
6. Factors to be considered while Preparing Detailed Estimate:
7. Data for detailed estimate:
8. Fixing of Rate per Unit of an Item: