What Are the 4 Types of Estimating in Construction?

October 19, 2022

In the construction industry, one of the most critical parts of the process is the ability to produce efficient and accurate estimates. Manual estimates can delay a response to the client and are more likely to be revised due to human errors, which could further delay the process. 

More time means more money, which won't sit well with the customer. Construction estimating software can solve this problem by giving faster and more accurate estimates. 

Types of Estimating Found in Construction

There are four types of estimating:

Order of Magnitude Estimate: 

This is a rough estimate of how much a project will cost in terms of materials and labour. This is the first estimate provided to help the client determine whether the projections fit into their budget. It has general information about the scope of the project, but it does not have many details on the specific components of the project.

Square Foot Estimate: 

This requires measuring the square footage of the intended finished space of the property and applying a historical estimate of the cost per gross square foot to determine the project's total cost. This usually does not include property space you cannot live in or walk on.

Assemblies Estimate: 

This includes all the necessary parts and labour to complete a unit of work. It's used when creating takeoffs. An example is a door assembly estimate which consists of the materials, parts and labour needed for that one assembly.

Unit Price Estimate: 

This is also a method to identify the cost of a component of a project. It includes equipment, materials, and labour costs and is used when it's time to perform a detailed takeoff on all portions of the project.

Why Use Quest Construction Software

Quest Construction Software is built on 60 years of combined construction experience from seasoned professionals. Through our team of IT specialists and leading contractors, we've developed a powerful, state-of-the-art cost estimation tool that has transformed the ways of estimating construction costs. 

If you want to stay ahead in the competitive market of construction, contact us and learn how we can help you improve your construction project management and give you an edge over your competition.