Improving the Accuracy of Early Cost Estimates for Federal Construction Projects (1990) / Chapter Skim
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Introduction
Introduction
Pages 3-6
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The budget for a project may be significantly different from the corresponding budget estimate. 3 Federal agencies, like most organizations with large continuing construction programs, have long recognized the importance of these early estimates, and they have instituted various policies and procedures to help ensure that such estimates are prepared carefully and properly.
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CONSTRUCTION COST ESTIMATING TERMINOLOGY Different owners use different procedures and processes to administer their construction programs, as illustrated by Appendixes B and C, which describe, respectively, the construction budgeting processes of the Naval Facilities Engineering Command and the IBM Corporation. However, regardless of the owner, most construction projects require the preparation of a number of increasingly detailed cost estimates in the course of the planning, design, and construction phases of a project.
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A cost estimate based on a final review of the completed construction bid documents. Federal agencies do not use a consistent and uniform terminology for budgets and estimates, as indicated by the glossary of federal estimating terms presented in Appendix E
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