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  • CE525 Mid Term: Early Estimates

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    Bogart Macatangay
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    Early estimates that are significantly lower than actual costs can cause problems for owners, such as budget overruns, delays to projects, or changes to project scope. A kick off meeting addresses typical items like project scope, assumptions, exclusions, and schedule to prepare an accurate early estimate. Each party estimates costs at different times and estimating errors can impact budgets. It is important to set an accuracy range in percentages for estimates to manage expectations and inform stakeholders of potential variances.

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    CE525 Questionaire

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    Early estimates that are significantly lower than actual costs can cause problems for owners, such as budget overruns, delays to projects, or changes to project scope. A kick off meeting addresses typical items like project scope, assumptions, exclusions, and schedule to prepare an accurate early estimate. Each party estimates costs at different times and estimating errors can impact budgets. It is important to set an accuracy range in percentages for estimates to manage expectations and inform stakeholders of potential variances.

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    23 views1 page

    CE525 Mid Term: Early Estimates

    Uploaded by

    Bogart Macatangay
    Early estimates that are significantly lower than actual costs can cause problems for owners, such as budget overruns, delays to projects, or changes to project scope. A kick off meeting addresses typical items like project scope, assumptions, exclusions, and schedule to prepare an accurate early estimate. Each party estimates costs at different times and estimating errors can impact budgets. It is important to set an accuracy range in percentages for estimates to manage expectations and inform stakeholders of potential variances.

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    CE525

    MID TERM

    EARLY ESTIMATES

    1. Early estimates are extremely important to the owner. From the perspective of
    the owner, give examples of problems that may arise if an early estimate is
    significantly lower than the final actual cost of a project.
    2. Describe the purpose of a kick off meeting for preparing an early estimate of a
    project. What are the typical items that should be addressed and confirm before
    starting estimate preparation.

    PROJECT BUDGETING

    1. Usually each of the three principal parties (the owner, designer and contractor)
    prepares a cost estimate at different times during the life of a project. Describe
    the purpose of each estimate and the impact that estimating errors may have on
    the other two parties.
    2. Why is it important to define the range of accuracy, in percentage, that should
    be applied to any estimate? Who should set this range and who should be
    informed of the selected range?

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