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Definition Of Estmating | Learn As Topper

DEFINITION OF ESTIMATING


ESTIMATE/ ESTIMATION OF A MATERIAL

Estimating is an art of assessment of quantities of different items and their cost thereof to plan the amount required for executing a work before actually carrying out the work.

This will help is taking a right and definite decision while entering into a contract with any firm/organization.

NOTE:- This not a tender or contract.

ESTIMATION OF A TASK

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Now a question is arises 
WHAT ARE THE PURPOSES OF ESTIMATING?
WHO CAN ESTIMATE?
WHO IS ESTIMATOR?

So all the above questions are generally arises in our mind while studying the estimating. 
For answering the above questions just scroll below and boost your knowledge about estimating.




ESTIMATOR:- The person who preparing the estimate is known as estimator.

A PERSON WHO PREPARE ESTIMATE IS CALLED ESTIMATOR

FUNCTIONS OF ESTIMATOR

The functions of estimator can be listed under the following points:-
  • The main function of an estimator is the estimation of quantities of different materials required and cost required.
  • Analysis of cost
  • Maintaining a proper records
  • Providing and selling ads.



LET'S talk about some purposes of estimation and costing.

PURPOSE OF ESTIMATION AND COSTING

  1.  Estimating is essential as its provides us an accurate assignment of the amount  of money required, availability of the material etc.
  2. Without estimating and costing it will be difficult to complete the work without uninterruptedly because shortage of money and non-availability of material may cause blockade at any  stage.
  3. The logical method of estimating for electric works involved accurately, prices them at net cost, provide over-head changes in order to arrived at a total cost representing the true dividing line between a certain loss and possible profits.
  4. Estimation provides a complete details of the required material in any task and cost required in any work.


I hope all the doubts are clear now.

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