What is the supplementary estimate?
What is the supplementary estimate?
OR. Supplementary Estimate : During the execution of project, structural modification are required or addition work is added for construction. The estimate for additional work is called supplementary estimate. Supplementary estimate is also required to be prepared when some of the items are overlooked.
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 different types of estimate?
Preliminary Estimate. Preliminary estimates are also called rough or approximate estimates, according to Civil Engineering Daily.
What are the difference between preliminary estimates detailed estimates?
Preliminary estimates: These are typically used very early in the process before the details are complete. Detailed estimates: This type of estimate provides a deep dive into the details and costs of a project. Project management estimates: Project managers can pick from four types of estimates for their projects.
Which is the most reliable estimate?
Answer: The Detailed Estimation is the most reliable estimation. The Estimate implies a rough estimate of the costs that are expected to be incurred for different pieces of work to be completed.
When can we used revised estimate?
It is accompanied with a comparative statement abtract from showing the probable variations for quantity, rate and amount against each item of work involved in the project. Revised estimate is required due to change of rate or quantity of materials so no additions or revision of drawings is necessary.
What is the difference between budget estimate and revised estimate?
Budget estimates represent the government’s wishes and ambitions. Revised estimates show how the expenditure is likely to pan out. Actuals give the real number for how much was really extended.
Which type of estimate is the most accurate?
Definitive estimate: Typically, bottom-up estimates are placed in this category – the most accurate estimate is a definitive estimate, since the way to create one is to estimate the individual costs for the different parts of the project and then put them together into one estimate.
Which estimate is least accurate?
The estimate expected to be least accurate is the Plinth area estimate. Hence the correct answer is option B. This discussion on Estimate expected to be least accurate is:a)Supplementary estimateb)Plinth area estimatec)Detailed estimated)Revised estimateCorrect answer is option ‘B’.
What is reliable estimate?
Estimation. The goal of estimating reliability is to determine how much of the variability in test scores is due to errors in measurement and how much is due to variability in true scores. Four practical strategies have been developed that provide workable methods of estimating test reliability. 1.
Which type of cost estimate is the most accurate?
An analytic estimate (also called bottom-up estimating) is one of the most accurate cost estimation techniques—but it can also be time-intensive. Bottom-up estimating breaks the project down into smaller parts and then creates cost estimates for those variables.
What is the difference between a revised estimate and a supplementary estimate?
Revised estimate is required due to change of rate or quantity of materials so no additions or revision of drawings is necessary. Supplementary Estimate: This is required due to supplementary works which are fairly independent of the work at first sanctioned. So, supplementary estimate is due to material deviation of a structural nature from
When do you need a revised cost estimate?
Revised Cost Estimate Revised cost estimate is a detailed estimate and it is prepared when the original sanctioned estimate value is exceeded by 5% or more. The increase may be due to sudden increase in cost of materials, cost of transportation etc.
When does an estimate exceed the sanctioned amount?
When the original sanctioned estimate exceeds or likely to exceed by more than 5%. When the expenditure on work exceeds s or likely to exceed the amount of administrative sanction by more than 10%. When there is a material deviation from the original proposal even though the cost may be met from the sanctioned amount.
What’s the name of the preliminary cost estimate?
Preliminary Cost Estimate The preliminary cost estimate is also called an abstract cost estimate or approximate cost estimate or budget estimate. This estimate is generally prepared in initial stages to know the approximate cost of the project.