What is an Estimate?
An estimate within the construction industry pertains to a broad calculation or assessment made on the basis of limited information. It's an approximate judgment of the value, quantity, or extent of something that relates specifically to construction works. Construction estimates are crucial for project planning, as they provide a projected financial outlook of the project. This enables contractors and clients to determine feasibility, allocate budgets, and plan resources accordingly. Estimates often take into account labor costs, materials, equipment, and potential risks. They may be revised as more details about the project are made available or if unforeseen circumstances occur. It's worth noting that accuracy in construction estimates equates to better project management and financial control.