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ABSTRACT:
Approximate Estimating is a challenging task, if only that accuracy is required when the cost information available is scant. Various approximate estimating techniques exist for arriving at desired answers. Practitioners may use those techniques in isolation or in conjunction, depending on the level of detail they are interested in getting into. Needless to say, however, approximate estimating is an important task for placing project tasks in proper perspective before a detailed study is undertaken. Having some understanding of the magnitude of a potential project enables sensible discussion to discover means of achieving the project. In addition, approximate estimating is exceedingly valuable for appropriating project funds from State legislatures or the U.S. Congress. Appropriation is, perforce, dependent on approximate estimates, since there are no detailed drawings or detailed estimates at that early stage. This article describes a method for estimating approximate costs of building projects using a series of tools for a specific type of building problem.
KEY WORDS: Cost indexes, escalation, estimating, inflation, and project timeline
Approximate estimating is a challenging task, if only that accuracy is required when the cost information available is scant. Various approximate estimating techniques exist for arriving at desired answers. Practitioners may use those techniques in isolation or in conjunction, depending on the level of detail they are interested in getting into.
Needless to say, however, approximate estimating is an important task for placing project tasks in proper perspective before a detailed study is undertaken. Having some understanding of the magnitude of a potential project enables sensible discussion to discover means of achieving the project. In addition, approximate estimating is exceedingly valuable for appropriating project funds from state legislatures or the US Congress. Appropriation is, perforce, dependent on approximate estimates, since there are no detailed drawings or detailed estimates at that early stage.
The final success of a project, then, often depends on the amount of money appropriated. If the funds run short, the downstream problems are obvious. If the funds are excessive, there is the danger of appropriated funds being used needlessly for non-functional items or for nonessentials and bells and whistles at taxpayer expense. Therefore, accurate approximate estimating is important for the health of the national economy, especially by ensuring that funds are spent on the...