Cost Estimation

Cost Estimation in the construction industry involves the process of predicting the total cost of completing a construction project. This includes calculating the expenses associated with materials, labor, equipment, and subcontractors, as well as accounting for overheads and any potential risks or uncertainties. Effective cost estimation is crucial for setting budgets, determining project feasibility, securing financing, and ensuring competitive bidding. Accurate estimations help prevent cost overruns, manage financial resources efficiently, and contribute to the successful delivery of construction projects within budget.