Revised estimate (i) This is required when the sanctioned amount is exceeded due to change of rates or addition of works fairly dependent on the work at first sanctioned. So, a revised estimate is due to material deviation from the original proposal.
What is a revised estimate?
Revised Estimates: Revised Estimates are mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc.
What are the stages of estimate preparation?
How does cost estimating work? 6 steps to learn
- Agree on estimating basis. ...
- Collect scope documentation. ...
- Estimate direct cost. ...
- Estimate other costs and apply factors, indexation and escalation. ...
- Peer review. ...
- Finalize basis of estimate report and send estimate for approval.
