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As cost estimating programs became more and more popular over the years, more advanced features, such as saving data for reuse, mass project-wide changes, and trade-specific calculations, have become available. [6] For example, programs that are designed for building construction, include libraries and program features for traditional builders.
Quantity take-offs (QTO) are a detailed measurement of materials and labor needed to complete a construction project. They are developed by an estimator during the pre-construction phase. This process includes breaking the project down into smaller and more manageable units that are easier to measure or estimate.
[citation needed] When planning the construction phase, various project management methods are used to estimate factors such as cost, schedule and resourcing. Different software packages rely on different formulas and theories as the basis for these calculations.
A cost estimate is often used to establish a budget as the cost constraint for a project or operation. In project management, project cost management is a major functional division. Cost estimating is one of three activities performed in project cost management. [3] In cost engineering, cost estimation is a basic activity. A cost engineering ...
Basis of estimate (BOE) is a tool used in the field of project management by which members of the project team, usually estimators, project managers, or cost analysts, calculate the total cost of the project.
Data which may be used to organize a cost estimate into groups and levels, and to summarize the cost details can also be part of a cost database. A popular coding system which can be applied to construction cost estimates is MasterFormat. [4] Another coding method is Uniformat. [5] Also, various types of work breakdown structures or WBS may be ...