What is a conceptual estimate in construction?
Conceptual estimating is the first predesign effort made to determine a project's cost and is usually a part of the feasibility analysis of a project. It tells the owner the anticipated costs before contemplating a project's feasibility and further development.
What are the three types of construction cost estimates?
- Design Estimates. Design estimates are first prepared at the very outset of a project – during the pre-design and design phases of the project.
- Bid Estimates.
- Control Estimates.
What is the concept and construction of project cost?
Project Cost is the total funds needed to complete the project or work that consists of a Direct Cost and Indirect Cost. The Project Costs are any expenditures made or estimated to be made, or monetary obligations incurred or estimated to be incurred to complete the project which are listed in a project baseline.
What is conceptual cost?
Conceptual cost estimating is done during the pre-construction stage of a project. The estimate gives the owner greater insight to manage the overall cost control program. The conceptual cost estimate will provide the first check against your project budget.