Approximate estimate, also known as preliminary or rough estimate, helps to find out the approximate cost of a project in a very short time. Moreover, it enables the concerned authority to consider the financial aspect of the scheme to accord sanction to the same.
Preliminary investigation and preliminary surveying are enough to prepare this estimate. If needed, subsoil investigations and tests to determine the safe bearing capacity may be conducted.
Detailed estimates require detailed surveying, design, and drawing, but not approximate estimates. Records for similar works or practical knowledge helps in determining the rates used for approximate estimate. A line sketch of the undertaking is helpful when an approximate estimate is prepared .
The approximate estimate is accompanied with a brief report. This report states the following :
The report is accompanied by a line plan, site, or layout plan for an approximate estimate.
An approximate estimate gives a basic or starting point estimate for any project. An approximate estimate helps the takers of the project to make a decision as to take up the project or not. It is very important to have an accurate estimate though approximate.
If the approximate estimate is too high, then the undertaking supervisor would leave the undertaking without preparing the detailed estimate. Work with detailed surveys, soil investigations, designs and drawings of a undertaking start only when the approximate estimate is low. And when it is found that the detailed estimate is much higher than the approximate estimate then the undertaking may be cancelled. This would result in loss of the entire labor, time, and expenses.
In conclusion, it is important for government or public bodies or even private owners to know the approximate estimate of the intended project for approval to undertake the project.
An approximate estimate serves the following purposes:
An approximate estimate of a project gives an idea of the probable expenditure in a short time. This idea of expenditure ascertains the practicability or feasibility to take up the project based on the availability of the funds.
It is a general practice to prepare a preliminary or approximate estimate before drawing up a detailed estimate for a project. As a result, we save time, money, and labor spent in preparing detailed drawings, specifications, and detailed estimates.
The concerned authority draws up an approximate cost of the project and compares it with the income or benefits availed from expenditure. A sanction to prepare the detailed estimate is given only when the preliminary estimate shows investment returns more than the investment. There may not be a paucity of funds but this helps the concerned authority to know readily whether the investment shall be ideal.
For unavoidable projects, authorities work out approximate estimates for a number of alternatives for the original work after adjustment of sketch of the intention along with sketch reports for study. These approximate comparative estimates help the concerned authority to make a decision to select the sketch for the preparation of its detailed estimate.
An approximate estimate with a brief report and layout plan has to be submitted to obtain administrative approval for government or public body projects. After receiving the administrative approval, the detailed investigation and detailed estimate is worked out.
The approximate estimate helps in drawing up the value of a property or project for insurance and tax schedules.
Approximate estimate, also known as preliminary or rough estimate, helps to find out the approximate cost of a project in a very short time. Moreover, it enables the concerned authority to consider the financial aspect of the scheme to accord sanction to the same.
It is very important to have an accurate estimate though approximate. An approximate estimate helps the takers of the undertaking to make a decision to take up the undertaking or not. An approximate estimate gives a basic or starting point estimate for any undertaking.
Feasibility investigation 2. An approximate estimate serves the following purposes: 1. To save time and money 3. To investigate benefit and comparison of cost with utility 4. To make planning adjustments 5. To obtain administrative approval 6. For Insurance and tax schedule
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